Coinbase Announces Ethereum Classic Support Is in Final Testing Phase

Francisco Memoria
  • Coinbase has recently announced it's in a final testing phase to add Ethereum Classic.
  • The exchange is set to allow inbound transfers n August 7, with trading starting after a 24-48 hour period.

Popular San Francisco-based cryptocurrency exchange Coinbase has recently announced that it’s conducting a final testing phase before adding support for Ethereum Classic (ETC) on its platform.

According to the announcement, the company believes this phase will be completed by Tuesday, August 7, at which point it’ll start accepting inbound ETC transfers. Coinbase is set to release an announcement once its users can transfer the cryptocurrency.

Before trading is enabled on the company’s platforms, inbound transfers will roll in for a period of 24 to 48 hours, to ensure Coinbase Pro and Coinbase Prime have enough liquidity. Ethereum Classic is going to be added to various Coinbase services, namely Coinbase Prime, Coinbase Pro, Coinbase Markets, Coinbase Custody, Coinbase Asset Management, and Coinbase Consumer.

Coinbase Markets, which provides a "a centralized pool of liquidity for all Coinbase products," will see the exchange enter a post-only period for a minimum of 10 minutes, in a move that, coupled with the cryptocurrency’s deposits, will ensure liquidity before trading is enabled.

Users who at the time of Ethereum’s hard fork had ETH on the platform but chose not to withdraw it will receive a corresponding amount of ETC on their accounts. Coinbase’s announcement reads:

Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase

The Coinbase Index Fund, launched in June of this year, is set to rebalance to include Ethereum Classic. The fund, as CryptoGlobe covered,  gives US accredited investors exposure to the cryptocurrencies listed on Coinbase Pro.

Coinbase Consumers, on the other hand, is only going to see ETC after Coinbase Pro and Prime establish enough liquidity. Per the company, the process should take between one and two weeks. Coinbase noted, however, the dates provided are its “best estimate,” and that further updates will be provided.

Ethereum Classic is the latest cryptocurrency Coinbase announced support for, but the San Francisco-based exchange has revealed it’s considering various other tokens. Last month, it announced it was considering adding Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

Recently, Coinbase announced via a blog post that its institutional custody service, Coinbase Custody, is exploring a range of new assets as well. These including Ripple’s XRP, NEO, XMR, and EOS.