Leading cryptocurrency exchange, Coinbase announced on Monday that Ethereum Classic would be listed on its platform. The price of ethereum classic responded to the news by jumping more than 25%, leaping from $12.81 to $16.40 in less than an hour.
Ethereum classic or ETC is the 18th-largest cryptocurrency with a market cap of $1.6 billion. Ethereum classic was created in 2016 as a result of a disagreement with the Ethereum (ETH) Foundation regarding the DAO Hard Fork.
To maintain its reputation, Coinbase is very selective about the listings on its platform and ethereum classic becomes only the fifth cryptocurrency to be listed, joining Litecoin (LTC), Ethereum (ETC), Bitcoin Cash (BCH), and of course Bitcoin (BTC).
Coinbase said in a statement on its blog that it will announce a launch date once the final phase of technical integration is complete, which will happen over several months.
“[W]e will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. 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 (Step 5).”
As at the time of reporting, ethereum classic is trading at $15.31 and despite its relatively low market cap compared to other assets listed on Coinbase, many analysts say it is a logical investment choice since it is a derivative of ethereum which is currently the second largest cryptocurrency by market share.
With more than 20 million users and over $150 billion in transactions, coinbase is one of the biggest cryptocurrency trading platforms in the world. The company offers buy/sell trading functionality in 32 countries, while its cryptocurrency wallet is available in 190 countries around the world.
The platform recently revealed that it was pursuing federal registration as a broker-dealer, alternative trading system (ATS), and registered investment adviser (RIA) adding that it hoped to list security tokens in the future.
Leading crypto enthusiasts say Monday’s announcement may the first of many listings that will be made by coinbase in the coming months.