An announcement has been issued by one of the largest crypto exchanges Coinbase that they are working on their final steps of testing the support for ethereum classic (ETC) as the day nears for the platform to reveal to their customers their newest addition to their trading portfolio.
According to their official blog, the platform plans to share the new coin listing information is based on their new process of listing new digital assets. A part from the statement goes as follows:
“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.”
Ethereum classic’s implementation should take a few phases in the process of adding it to the portfolio by starting with their other services first like Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, Coinbase Asset Management and Coinbase Consumer.
When it comes to Coinbase Custody, the Ethereum Classic support will be added only for inbound transfers and withdrawals. Coinbase Pro users will get the access to the new coin trading services as well as Coinbase Prime and Coinbase Markets customers.
Trading at Coinbase Markets on the other hand will be available after 24-48 hours, a period in which Coinbase Pro and Coinbase Prime will already have functional trading transfers. According to their new trading policy, the Ethereum Classic’s trading books will be open in post only for at least 10 minutes after the trading processes on Coinbase Pro and Prime will be activated as soon as there is enough liquidity established.
The last one to join the party will be Coinbase Consumer. This is because of the company’s policy states that digital assets can be listed on Coinbase Consumer only after they are introduced on Coinbase Pro and Coinbase Primer. Like before, once the sufficient amount of liquidity is established, the company plans to list Ethereum Classic on Consumer as the process is expected to take some time between 1 to 2 weeks after trading had actively taken place on Coinbase Pro and Primer.
At the end ofcourse all of the dates are not set in stone, so Coinbase had made sure they openly sharing that information stating that the dates are only estimates. Additional information about this ongoing process has been planned to be provided in the upcoming days nearing the token listing.
Coinbase had also revealed that after full listing takes place, Ethereum Classic will be made available to all geographies which ofcourse is also subjected to availability stated in the Coinbase’s trading rules.
Sometime ago Coinbase has been under fire of criticism, going as far as a threat of a class action lawsuit over the alleged accusations of insider trading during last year’s price boom in December’s listing of bitcoin cash.
This has been mitigated by the company itself with their own internal investigation and issued a special information announcement policy that will make sure transparency and trust in the company in future increases.