Coinbase has announced that it is in the final stages of testing support for ethereum classic (ETC) as it prepares to offer support for the cryptocurrency across it different services. In a statement published on its official blog, the platform revealed that it is making…
Coinbase has announced that it is in the final stages of testing support for ethereum classic (ETC) as it prepares to offer support for the cryptocurrency across it different services.
In a statement published on its official blog, the platform revealed that it is making the information public in line with its new process for listing new digital assets.
An excerpt from the statement reads:
“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.”
According to the announcement, support for ethereum classic will be implemented incrementally across the various Coinbase services namely Coinbase Custody, Coinbase Markets,Coinbase Pro, Coinbase Prime, Coinbase Asset Management and Coinbase Consumer.
In the case of Coinbase Custody, support will be added for inbound transfers and withdrawals of ethereum classic. Coinbase Pro customers will be given access to ETC trading services, as will Coinbase Prime and Coinbase Markets customers.
In the case of Coinbase Markets however, trading will be opened after a 24-48 hour window period within which Coinbase Pro and Prime will carry out transfers. In line with platform trading policy, ethereum classic books will open in post-only for at least 10 minutes, after which trading on Pro and Prime will be activated as soon as sufficient liquidity is established.
Coinbase Consumer will be somewhat late to the party as platform policy dictates that assets can only be listed on Coinbase Consumer after being listed on Coinbase Pro and Prime. Once the requisite amount of liquidity is established, Coinbase intends to list ETC on Consumer, a process it expects to take 1-2 weeks after commencement of trading on Pro and Prime.
Coinbase went on to reveal that the dates given are not final, and are only estimates. According to the announcement, further information will be provided in the coming few days concerning the listing status of ethereum classic.
It was also revealed that upon full listing, ethereum classic will be made available to all geographies, subject to availability dictated by Coinbase platform trading rules.
Earlier CCN reported that Coinbase faced a firestorm of criticism and even a class action lawsuit over accusations of insider trading during last December’s bitcoin cash listing.
Since then, the platform has instituted a comprehensive information announcement policy as a way of enhancing transparency and increasing trust.
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Last modified: May 20, 2020 6:09 PM UTC