Coinbase Ecosystem Working on Ethereum Classic (ETC) Support
And the next winner of the Coinbase sweetstakes is … Ethereum Classic (ETC). The blockchain that Ethereum (ETH) forked from in the wake of the DAO hack will be coming in the months ahead to Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, and potentially the regular Coinbase platform if requisite liquidity and stability can be attained.
Subscribe to the Bitsonline YouTube channel for more great interviews featuring industry insiders & experts
‘We Will Now Begin the Engineering Work’
Since the end of 2017, one of the more burning questions in the cryptoverse has been: what cryptocurrency would Coinbase list next? That question got a bit more complicated earlier this year as Coinbase split itself into a series of new platforms, creating multiple markets each with respective listing strategies. With that said, Coinbase’s leadership announced today, June 11th, that several of its new platforms are working toward Ethereum Classic (ETH) integration, while Coinbase’s flagship exchange will wait in the wings watching for how things go as the charted support develops.
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase (@coinbase) June 12, 2018
Per the exchange’s blog, the task at hand now is to move through the required engineering work, as will be evidenced by “signs that the asset is being added” like coming APIs:
“Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter.”
So there’s no official word for now on exact release dates for the participating platforms. The company noted the arms that would be working toward integrating ETC included Coinbase Custody, its asset custodian service; Coinbase Markets, its liquidity pool service; Coinbase Pro, the updated rendition of GDAX; and Coinbase Prime, the exchange’s institutional trading platform.
As for Coinbase proper, the exchange’s leadership said an ETC listing may or may not happen depending on a series of factors:
“After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add Ethereum Classic to the Coinbase platform. It’s also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.”
No Surprise: ETC Acutely Shoots Up
The “Coinbase Bump,” albeit temporary, is to be expected for any crypto project that gets declared support from the wider Coinbase ecosystem.
Today, the ETC price was no exception, as word of the exchange’s announcement caused money to acutely pour into the crypto:
— CNBC's Fast Money (@CNBCFastMoney) June 12, 2018
Even if unsurprising in light of the news, the 25 percent price jump was indeed a sight for sore eyes for ETC traders amid the cryptoeconomy’s recent bearish chop.
The addition of ETC to some of Coinbase’s platforms is in line with the company’s conservative “slow and steady” listing strategy. The exchange’s previously added crypto — bitcoin cash (BCH) — was a fork of the most popular cryptocurrency, bitcoin (BTC). Similarly, ETC is the most prominent off-shoot of the second most popular cryptocurrency, ETH, the project and its community having stayed on the genesis Ethereum blockchain in the wake of the DAO hack in July 2016.
Accordingly, it’s full steam ahead for the ETC community. Back in May, Bitsonline talked with the ETCDEV team about the technical roadmap of the project, which includes the Sputnik VM implementation and progress toward machine-to-machine agreements. They’re pushing forward, ever busy.
If you're new to $ETC and wondering what's going on you should check out our roadmap, read about our philosophy, watch some videos, and listen to some podcasts.
Long term outlook: https://t.co/Ff0zKBu68U
— ETC Cooperative (@ETCCooperative) June 12, 2018
Coinbase Not Slowing Down
Never one to slow down, Coinbase’s announced Ethereum Classic integrations comes after a flurry of recent activity by the exchange.
For one, the company just announced its decision to open up a branch in Japan, pending regulatory approval from the nation’s top financial watchdog, the FSA.
Also, just last week Coinbase made three acquisitions that the company said puts it on the path to becoming a “US-regulated blockchain securities trading venue.”
That last development is particularly interesting when paired with the new ETC listing news, as Coinbase seemingly wouldn’t move its platforms toward ETC integration unless they had determined beyond all reasonable doubt that in their view the crypto wasn’t a security. Such a determination has wider implications in the space, naturally.
What’s your take? Was ETC the least surprising possibility for such support? Let us know what you think about the move in the comments below.
Images via Reddit, Oracle Times