The news of Ethereum Classic being added to Coinbase’s trading options had the cryptocurrency’s price surging by 25% on Tuesday.
Ethereum Classic is the product of a hard fork in 2016 when developers who objected to changes in Ethereum (ETH) created the altcoin. At press time, it is the 18th most valuable cryptocurrency with a market capitalization of $1.56 bln and is trading at $15.31.
The U.S. cryptocurrency exchange – Coinbase announced on Tuesday morning via a blog post that it has begun the engineering work to incorporate Ethereum classic with its platform. The post said that it anticipates the service to be live in the “coming months.” The exchange will announce a launch date once the final phase of technical integration is complete.
Interestingly, the news comes soon after Coinbase reiterated in March that –
“The internal asset selection committee assesses assets using our Digital Asset Framework, but it has not recommended any assets to the Coinbase executive team.” Coinbase has not yet clarified what has led to the new pathway of thinking of its asset selection committee that led to the adding of Ethereum classic.
One must also note that Coinbase decided to add Ethereum Classic after some industry members questioned its asset selection process, calling it “random, if not altogether dubious.” Previously thecoingraph reported about coinbase exchange revenue.
In May, Coinbase also announced its intention to back ERC20 tokens on the exchange, while declining to disclose future contenders for new listed assets. Coinbase said its judgment to support ERC20 tokens, “paves the way for supporting ERC20 assets across Coinbase products in the future.”