Ethereum Classic (ETC) appears to be poised for bigger things in the coming days after Coinbase announced listing it. This has come as a surprise to many given the low number of coins listed on the platform. The exchange has commenced the process of integrating the coin to their system and soon ETC holders will be able to perform depositing and withdrawals with ease.
The unexpected move comes at time when the coin price has dropped by over 15% in less than 30 days. Through their blog, Coinbase has affirmed that they are set to integrate ETC to their systems in the coming months. This is the best good news for the ETC community going forward.
ETC Coinbase Deal Implications
Immediately after the announcement, a surge in prices has been noted and this could hold until the actual live trading that is expected to be in September. Making the announcement through their blog, the post says:
“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”
As per Coinbase:
“The date and time to commence trading will be announced at a later date. Coinbase has intensified its efforts to list more coins. ETH will remain at the test stage and if everything goes as per schedule, communication will be done.”
Ethereum Classic (ETC) Price Surge
Like many altcoins, ETC has not been doing well in the market. Getting listed on Coinbase is seen as a major boost for a coin that has been struggling since forking from the original Ethereum. Shortly after the announcement, the ETC price shot up by 25% before finding a comfort zone of $15.75 representing a gain of 22.17% against the USD and 20.72% to the Bitcoin in the last 24 hours.
With the increased interest on the coin from investors, we are yet to see if the price is going to hold in the buildup of the coin going life on Coinbase. Speculators are already seeing the coin moving north to its former gaining ways by the end of 2018. With a market that is still in the dogs, time will tell if the coin will recover after the deal.
Key Coinbase Lessons after Listing Bitcoin Cash in December 2017
Coinbase is very keen on which coin to list at the moment; the integration test is a measure to ensure there are no price manipulation after what happened after listing Bitcoin Cash in December last year. The incident saw the price of BCH skyrocket to $8,500 as opposed to $3,500 from other exchanges.
There were speculations that the Coinbase system and staff had a hand in price manipulation to cash in on the newly added coin. However, the exchange is taking all precautions to ensure there is no room for price manipulation once done with ETC listing.
Coinbase Short-term Goals
Coinbase has also indicated its intention to list several ERC20 tokens in a bid to strengthen its presence globally and increase its subscriber base. According to Balaj Srinivasan, the new CTO, the Coinbase outfit is ripe for new tokens as well as atomic swaps.
According to the CTO, the exchange is focused on growth and development. It has already acquired Earn.com which has to date put in place an investment function to take care of making deals on behalf of Coinbase.
Institutional investors are other areas the exchange is exploring. This will make it easy for the exchange to deal in ICO assets. This is in addition to a decentralized browser, Toshi wallet service and Paradex, their native trading platform.