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Ethereum Classic Jumps After Coinbase Unveils Listing Plan


Ethereum Classic, a fork of Ethereum, surged after the US-based crypto exchange Coinbase revealed plans to support it across its platform over the coming months.

The altcoin, trading with the symbol ETC, surged nearly 25 percent on Monday on the news of listing on Coinbase.

Ethereum Classic ranks 18th in market capitalization on CoinMarketCap and was down 15.37 percent at $13.30 as of 6:09 am ET on Wednesday.

The cryptocurrency was the result of a hard fork of the Ethereum network in July 2016.

The engineering work for supporting Ethereum Classic will begin now and customers would be able to see public facing APIs (application programming interface) and others signs that the asset is being added, Coinbase said in a blog post.

"When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter," Coinbase said.

Support for deposits, withdrawals, and trading will be added, and ETC will be added to the Coinbase Index, which currently tracks the performance of Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

"Once that resting market [Coinbase Pro and Prime] reaches sufficient liquidity, we will then enable trading," the exchange said.

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

Coinbase had earlier announced its intention to support the ERC20 technical standard and Bitcoin forks.

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