COINBASE has announced it will Ethereum Classic (ETC) to its platform
The largest U.S crypto exchange currently only has four coins — Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
It made the announcement that it would add ETC in the early hours of Tuesday morning.
The news led to an immediate spike of over 20% in the value of ETC though it will be months before it is added to Coinbase.
The initial price jumped from $12.89 to a high of $16.10 before levelling at around $15.70 early on Tuesday.
Ethereum Classic was created in June 2016 following a hack on the DAO.
The Ethereum Foundation created a new version of Ethereum — known today as Ethereum — that rescued the lost funds, while those who opposed continued on with the original chain which was known as Ethereum Classic.
Following its creation, ETC started out at a relatively modest $2 value in the months after its release before reaching $20 after a year and peaking at $47 in January, 2018.
It has fallen since mid-March to its recent low of just over $12 before making gains following the Coinbase announcement.
When will Coinbase list Ethereum?
Coinbase has yet to give the exact date of the introduction of ETC to its platform, but it is believed the early announcement is part of a plan to prevent insider trading — a concern which arose when Coinbase introduced Bitcoin Cash last December.
The listing may be one of several additions by Coinbase before 2018 plays out and follows long standing rumours of Ripple (XRP) being added.
The company has made clear its intention to add support for ERC20 tokens — the type that are generated by an ICO — and Bitcoin forks.
There is yet to be an announcement as to when Ethereum Classic will be available for trading on Coinbase.
Engineering work required is expected to take several months.
Keep an eye on the Coinbase blog and twitter for updates.