Coinbase To Launch ETC Soon

Over the weekend Coinbase announced it will add Ether Classic for trading, plus many coins and tokens for storage only.

by Nina Dimitrova
06 August • 2 mins
In News

Coinbase, one of the leading cryptocurrency exchanges, said it is in the final phases of testing its support for Ether Classic (ETC).

As per a Coinbase post on Medium, the tests should be completed by August 7. After that the company will announce it is accepting inbound ETC transfers through Coinbase Pro and Coinbase Prime for 24-48 hours, before enabling trading. Trading will be enabled on Coinbase Markets, Coinbase Pro and Coinbase Prime.

However, this timeline is only tentative.

“The launch date provided above is our best estimate as to when we will be ready to accept inbound transfers of ETC,” Coinbase said. “We will provide an update on that day to either confirm that we are accepting transfers, or to provide further updates,” Coinbase said.

The addition of ETC will have implications on the other services offered by Coinbase, too. The ETC will be added to the Coinbase Asset Management and the Index Fund will be rebalanced to include it.

The custodian service, Coinbase Custody, will also start accepting incoming and outgoing transfers of ETC for storage.

In a separate Medium post, Coinbase said it is considering the expansion of the storage services to include “many existing and forthcoming crypto assets”.

However, according to a Coinbase publication in Medim, they will be for storage only and will have “no bearing on trading-based products”. The plans for now are to add them as quickly and safely as possible.

On the list are popular coins like XRP, EOS, Monero, NEO, Dash, NEM, VeChain, as well as many ERC20 tokens. Coinbase, however, said it cannot commit to adding all coins and tokens on the list.

 

coinbase custody

 

Furthermore, the company notes that it makes the announcement simultaneously to the public and internally, “to remain transparent with our customers about support for future assets”. The decision is quite explicable, considering the recent controversy and suspicions of BCH insider trading at Coinbase, of which the company was recently cleared.