Ethereum Classic’s Price Surges 20% Following News of Coinbase Listing
In an entry to the Coinbase blog, the popular cryptocurrency platform stated,
“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”
ETC represents the 5th cryptocurrency to be added to Coinbase. With the news, ETC prices rapidly rose as seen in the chart below.
While the Ethereum Classic Community is understandably excited about the news, it’s worth noting integrating Ethereum Classic is relatively easy for exchanges already offering Ethereum (ETH). This phenomenon is often seen in Bitcoin forks quickly being added to exchanges, while cryptos built from scratch (like Monero) struggle to get listed. Adding forked coins requires little effort on the part of exchanges, while still increasing their trade volume and fees. Coinbase had even announced its intention to add more Bitcoin forks in April.
Despite this seeming like an obvious move for Coinbase, many Redditors on /r/cryptocurrency are still upset. In March, Coinbase announced their intention to support ERC20 tokens, none of which have been integrated at this time. The hope from the community is that the addition of ERC20 tokens to Coinbase will open up altcoin trading to the masses, as Coinbase is one of the most popular and beginner-friendly exchanges available.
Shortly following today’s news from Coinbase, the World’s most popular exchange Binance also announced ETC trading pair news. While the exchange has offered ETC/BTC and ETC/ETH trading pairs for some time, today they stated the addition of ETC/USDT and ETC/BNB trading pairs.
— Binance (@binance) June 12, 2018