Ethereum Classic Surges 19% to $14 Ahead of Coinbase Consumer Listing

Francisco Memoria
  • Ethereum Classic recently surged thanks to an announcement from Coinbase, revealing it'll be listed on Coinbase Consumer later today.
  • The cryptocurrency is now trading at little over $14, far from its $47 all-time high.

Ethereum Classic (ETC) has recently surged over 19%, shortly after the popular San Francisco-based cryptocurrency exchange Coinbase announced its adding it to Coinbase Consumer. Its users will be able to buy the cryptocurrency on its website and mobile app later today, August 16.

As CryptoGlobe covered, Coinbase announced it would add support for Ethereum Classic earlier this year, at about the same time leading exchange Binance added ETC trading pairs. The result was a 20% price surge.

Earlier this month Coinbase revealed it was in a final testing phase before adding support for the cryptocurrency, which helped its price surge to a three-month high of $21. The cryptocurrency’s all-time high, reached back in January of this year, came close to $47.

Shortly after Coinbase’s announcement, commission-free trading app Robinhood also revealed it was adding support for ETC, which further helped its price reach the $21 mark, before enduring a small correction and seeing today’s surge.

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Whenever a cryptocurrency is added to Coinbase, it’s price usually surges in what has become known as the “Coinbase effect” – currently affecting ETC. The effect is partly caused by the added liquidity the firm brings, provided by its over 13 million users. Recently, its CEO revealed it was adding 50,000 users a day last year. Notably last year, when the San Francisco-based exchange added Bitcoin Cash (BCH), the cryptocurrency’s price surged ahead of its official announcement.

At the time most believed someone leaked the information, meaning the price pump was a result of insider trading. Recently an internal investigation found there was no insider trading ahead of BCH’s listing.

While ETC is the latest cryptocurrency Coinbase is supporting, the exchange has revealed it’s considering various tokens. As covered, the company announced it’s looking into Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

In a subsequent blog post, Coinbase revealed its institutional custody service, Coinbase Custody, is exploring a range of new assets as well, including Ripple’s XRP, NEO, XMR, and EOS. The company recently made its Index Fund more attractive by halving its fee from 2% to 1%.

Santander Clarifies It Isn't Using XRP for International Payments

Spanish bank Santander has recently clarified via microblogging platform Twitter that it isn’t using the XRP cryptocurrency for international payments, but is instead using a product developed by Ripple, the firm behind the token.

Santander’s clarification came shortly after it mistakenly told a Twitter user who asked whether it was using XRP that it was using the cryptocurrency for “international payments to 18 EU countries and the USA” through its One Pay FX app.

Given the attention the tweet received, Santander clarified the very next day it was a misunderstanding, and that its One Pay FX app uses Ripple’s xCurrent technology, and not the XRP token.

In its tweet Santander linked to a press release from last year, in which it revealed it was going to use blockchain-based technology to conduct international transfers for clients “on the same day in many cases or by the next day.” Per the document, Santander was the first bank to “roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”

As CryptoGlobe covered in March of last year, the Spanish bank partnered with Ripple to launch the One Pay FX app, which is said to rely solely on Ripple’s xCurrent and RippleNet products, not XRP. The app’s users aren’t just able to see their transactions get settled in a short amount of time, they’re also able to see how much each transfer will cost.

One Pay FX was initially available to users  in Spain, the UK, Brazil, and Poland. Over time, Banco Santander revealed it was set to roll it out to more countries throughout the world. Notably, Santander has invested in Ripple back in 2015 and 2016.

Last year, Ripple formed various partnerships to see financial institutions use its products. Among them was MoneyGram, with the goal of speeding up fiat currency settlements. It also joined a consortium of 61 Japanese banks to create an instant payments app.