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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Coinbase just announced their acquisition of Earn.com, the company’s most significant M&A to date.
Coinbase, one of the largest U.S. cryptocurrency trading platforms, just acquired Earn.com in a deal slightly more than $100 million. It includes payments in cash, stock, and cryptocurrency assets.
Founded in 2013, the US startup allows senders to pay users in digital currency for replying to emails and completing tasks. It also lets companies preparing to hold an ICO to airdrop tokens to its users in exchange for feedback. The company started as a hardware maker for bitcoin mining and was originally known as 21.co.
The deal also put Earn.com co-founder and CEO Balaji Srinivasan as Coinbase’s first CTO. This is a huge part of the deal’s appeal as Srinivasan is a highly valued individual in Silicon Valley. He was a former Andreessen Horowitz partner and an early cryptocurrency advocate.
“With Coinbase’s user base and distribution muscle, I think it could hit $100 million in ARR in a few months,” Srinivasan told TechCrunch. He adds that he is excited about the road ahead with the partnership.
Earn also announced the partnership in their website. “Paid email is already one of the first truly useful applications of the blockchain. With Coinbase, we think we can prove that at scale.”
The deal doesn’t come as a complete surprise as Coindesk reported last month that Coinbase and Earn.com were in talks over a deal.
Coinbase will now support Ethereum ERC20 tokens on its exchange.
One of the largest U.S. cryptocurrency trading platforms, Coinbase, is opening its door to Ethereum-based digital tokens.
In a blog post, the San Francisco-based company announced that they will start supporting Ethereum’s ERC20 technical standard on its platform. This opens the door to a lot of Ethereum-based digital tokens.
For those unfamiliar with ERC20, it is the technical standard developers use to build Ethereum-based tokens. Examples of this would include Qtum, Bancor, EOS and Omisego. As of writing, there are currently more than 50,000 ERC20 token contracts in the market.
The blog post did not specify when this support will go live and which tokens will get listed.
“This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time,” the post said.
Currently, Coinbase trades Bitcoin, Bitcoin Cash, Ether and Litecoin on its GDAX exchange.
When this starts rolling out, ERC20 support will be available on most of their products. This includes their main platform, their hedge fund tool Custody, GDAX and their Asset Management platform. They have excluded the Commerce payment system.
This announcement comes shortly after the U.S. Securities and Exchange Commission announced that platforms for digital assets need to register with the agency as a national exchange. Coinbase, however, says that they are exempted from this requirement.
A Coinbase bug could have just given you a one-off opportunity to become a cryptocurrency multi-billionaire.
In a report made public yesterday, the Dutch fintech firm discovered a vulnerability that allowed users to steal as much Ethereum (ETH) as they want. The glitch was first reported in December 27 last year.
The US’ largest exchange awarded VI Company a bounty of $10,000 for spotting the smart contract issue.
“By using a smart contract to distribute ether over a set of wallets you can manipulate the account balance of your Coinbase account,” the VI Company outlined in the report.
“If one of the internal transactions in the smart contract fails all transactions before that will be reversed. But on Coinbase these transactions will not be reversed”.
This meant that someone could have abused this issue to credit their wallets with infinite amounts of Ethereum.
The researchers at VI Company uploaded screenshots of the transactions on the app as well as a link of the transaction to Etherscan.
If you’re wondering how they did the transaction, you’re in luck. The researches explained the process of the exploit:
Setup a smart contract with a few valid Coinbase wallets and 1 final faulty wallet (always throw exception when receiving funds smart contract for example)
Transfer appropriate funds to smart contract.
Execute smart contract adding the set amount of ether to the Coinbase wallets without ever actually leaving the smart contract wallet because the complete transaction fails at the last wallet.
Repeat until you have more than enough ethereum in your Coinbase wallet.
Cash out, transfer to off site wallet.
It is unclear if there were people who managed to abuse the glitch.
According to Coinbase however, “Analysis of the issue indicated only accidental loss for Coinbase, and no exploitation attempts”.
The US-based exchanged has been facing continued technical difficulties for almost a year now. This is mainly because of the huge influx of new users in the mid-2017.