Coinbase Adds Ethereum Classic Support, Price Rises 25%

San Francisco-based cryptocurrency exchange Coinbase is adding support for Ethereum Classic in the coming months, according to a new post published on the firm’s official blog.

Ethereum Classic is the cryptocurrency token generated as a result of the Ethereum hard fork back in July 2016.

Ethereum Classic brings Coinbase’s total cryptocurrencies offered to five, and will be available for purchase alongside Ethereum, Bitcoin, Bitcoin Cash, and Litecoin when it is eventually listed by the exchange. No specific date has been announced, but Coinbase says they “will publicly announce a launch date for trading via our blog and Twitter.”

Support for Ethereum Classic will be rolled out across the entire suite of Coinbase products, including Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, Coinbase Asset Management, and of course, Coinbase itself.

Coinbase notes that Ethereum Classic will be available in all geographies “where the asset is compliant with local law,” and that investors that had Ethereum balances on GDAX when it hard forked in July 2016 would receive Ethereum Classic credit if they had not already withdrawn their ETC prior to January 2017.

Coinbase listings are often the subject of rumors within the cryptocurrency industry and are particularly significant due to an asset’s price often skyrocketing as a result of its listing on the exchange. News of Ethereum Classic being listed on Coinbase has already resulted in the cryptocurrency’s price increasing by 25%.

Coinbase also plans to support Bitcoin forks such as Bitcoin Private and Bitcoin Diamond in the future, as well as Ethereum-based ERC20 tokens. The firm previously announced support for these tokens earlier in the year.

 

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