The largest cryptocurrency exchange in the US began final testing for support for Ethereum Classic (ETC) on August 3. The digital asset will be open for inbound transfers on August 7th on Coinbase Pro.
ETC Coming to Coinbase
According to the official statement, the cryptocurrency exchange expects to finalize testing for the addition of Ethereum Classic (ETC) by Tuesday, August 7th. At that point, Coinbase announced that it will begin accepting inbound transfers of the cryptocurrency.
Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.https://t.co/l7smcSY3q8
— Coinbase 🛡️ (@coinbase) August 3, 2018
The exchange will allow inbound transfers for 24 to 48 hours through Coinbase Prime and Coinbase Pro before they enable trading. However, these dates do not represent a final date but, rather, the company’s best estimate as to when they will be ready to accept inbound transfers of the digital asset. An update on August 7th is to be expected.
Coinbase will also add Ethereum Classic to its overall suite of investment tools, including Coinbase Custody, Markets, and Asset Management. When sufficient liquidity is established, the digital asset will also be added to Coinbase Consumer.
Price Reacts
It’s rather commonplace for cryptocurrencies to experience serious price increases once they secure a listing on a major exchange, let alone one such as Coinbase.
Naturally, the price of Ethereum Classic has reacted after the recent announcement, even though it hasn’t received the official support just yet.
Following the announcement, ETC spiked with around 10 percent and has since increased even further. At the time of writing, the cryptocurrency trades at $17.47, marking an improvement upwards of over 5 percent in the last 24 hours alone.
What do you think of ETC’s listing on Coinbase? Do you think it will push the price even higher? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter/@coinbase, and CoinMarketCap.