Coin News

Coinbase is now in the final phase of testing for the launch of Ethereum Classic

The mega-trade exchange has released an update on the listing of Ethereum Classic to its platform with details on how services will be impacted.

Earlier this week, leading cryptocurrency trade exchange Coinbase announced that it is now working on the final components for testing support for Ethereum Classic (ETC).

In June, Coinbase revealed that it had plans to add Ethereum Classic to its listed assets with news to follow and now, in its latest update, the platform has informed the public of a provisional date for the completion of final testing before officially listing the new asset.

In the announcement, Coinbase details:

“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.”

Coinbase has also explained the impact that the support for the new asset will have in the different features within the platform’s services namely Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, Coinbase Asset Management and Coinbase Consumer.

According to the platform, Coinbase Custody, Coinbase Prime and Coinbase Pro are “planning to add support for inbound transfers and withdrawals of ETC“, Coinbase Markets also intend to add support to transfers and withdraws with the intention “to allow 24–48 hours of transfers through Pro/Prime before opening the markets”. 

Coinbase Asset Management will be adding any asset listed on Coinbase Markets to the Coinbase Index and the “Coinbase Index Fund will rebalance to include ETC.”

Finally, the Coinbase Consumer service will “list assets only after they are listed on Coinbase Pro and Prime” and the platform “plan to add support for ETC on Coinbase Consumer when sufficient liquidity is established [and] expect this to occur approximately 1–2 weeks after trading begins on Pro and Prime”.

Currently, Ethereum Classic has climbed in value by 10.88% day-on-day trading and is now sitting at $18.48 USD.

Posted: Oct 30, 2020 Author: Becky Categories: Coin News