Coinbase Will Add Ethereum Classic
Ethereum Classic will be added to Coinbase exchange in the coming months. Coinbase is one of the most lauded crypto exchanges. It supports four coins, which is fewer than the other crypto exchanges.
The Addition Of Ethereum Classic
Since Coinbase supports only four coins right now, it fewer than most others. But it will all change as Coinbase announced that it will be adding Ethereum Classic (ETC). Ethereum Classic is an alternate version of Ethereum.
What Is Ethereum Classic
Ethereum Classic was created in June 2016. This followed a major hack on the DAO, a fundraising vehicle for the project. The Ethereum Foundation created a new version of Ethereum. This rescued the lost funds.
Those who opposed continued on with the original chain which was known as the Ethereum Classic (ETC). Ethereum is the second-highest valued token after Bitcoin while ETC is on number 19, according to Coinmarketcap. The value of ETC jumped up to nearly 20 percent over the past 24 hours after spiking following the announcement of Coinbase.
The Introduction Of Ethereum Classic
ETC’s introduction date will be communicated in due course, via Coinbase blog and Twitter account. The company is announcing its intention to add Ethereum Classic ahead of time. This is to test integrations as part of its new policy on adding new tokens. They made this move also as a response to concerns inside trading when the exchange added Bitcoin Cash (BCH) last December.
The company investigated the incident. They saw service outages. Bitcoin Cash also experienced wild price fluctuations right after its addition to the exchange.
The price hit $8,500 at Coinbase. This was almost three times than the $3,500 ptice on all other exchanges. The company;s staff and insiders speculated that they could have profited by buying BCH on other exchanges. This is with the knowledge that it will be added to Coinbase. This raised the price significantly.
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