It’s all hands on ETC as a recent announcement by Coinbase regarding Ethereum Classic (ETC) is set to open a big door for the hard fork crypto to shore up its price. On Monday, Coinbase announced that it was putting in place a framework to incorporate ETC into its collection of supported cryptocurrencies on its platform, shining a good light at the end of the tunnel for the digital currency that hit the market after a hack that triggered a division between groups of Ethereum users in 2016.
According to the announcement, ETC is expected to be brought into the Coinbase’s fold within the next few months, adding that an official launch date is yet to be announced. This should be good news for ETC users who have been eyeing the Coinbase market.
Immediately after the announcement, ETC prices soared up by 20 percent to reach $15.58. With this new development, Coinbase plans to offer trading support for ETC on the Coinbase Markets.
After its incorporation, the asset will also get a listing on the Coinbase Asset Management, after which the Coinbase Index Fund will also be rebalanced to accommodate it. According to Coinbase, the company’s trading rules dictate that ETC’s books must be kept open in a post-only condition for an hour or more to ensure liquidity is achieved before trading is opened.
If this happens successfully, then trading can be extended to include customers using both Pro and Prime. This, of course, is after the successful technical integration of the new ETC function on the Coinbase platform.
ETC is known as the alternative cryptocurrency to Ethereum, and it runs on the original Ethereum blockchain on which the fork was created after the DAO hacking of smart contracts.
After the incident, the Ethereum community split into two, giving rise to Ethereum (ETH) and Etherem Classic (ETC). Expounding further on the new plan, the announcement indicated that the engineering work needed for the project would be commencing soon.
In the recent past, Coinbase has also expressed interest in accommodating other crypto asset variations like Ethereum ERC20 and Bitcoin forks on its platform. If the this new ETC standard is successful, it will pave way for the accommodation of ERC20 token smart contracts as well as products like Tronix, EOS, and ICON on the Coinbase platform. This, too, is expected to come into focus in a few months time.