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Ethereum Classic Credits Will Soon Be Available on Coinbase

Last Updated March 4, 2021 4:50 PM
Rebecca Campbell
Last Updated March 4, 2021 4:50 PM

In a recent blog post, bitcoin and ether exchange, Coinbase, has unveiled to its users that they will be able to credit the full amount of Ethereum Classic (ETC) that is linked to their account.

It was only last week that the San Francisco-based company announced that they would not be supporting ETC after the previous week’s hard fork in the Ethereum community.

Instead, Coinbase has decided to take the stand to support all transactions and trading in Ethereum (ETH), assuring customers that their ETH is 100 percent secured in hot and cold storage.

However, after assessing the situation and receiving concerns from their clients who are keen to recover any ETC linked to transactions, Coinbase announced that its users would receive the full ETC amount linked to their account.

The blog post stated:

We are working as swiftly as possible to create a simple process which will allow users to send an ETC credit to an off-platform ETC address of your choosing.

Supporting Ethereum and Not Ethereum Classic, Yet

Last month, CCN.com reported that Coinbase had launched its support by adding Ethereum a day after the hard fork took place.

According to the CCN.com report, Coinbase was one of the first key providers to include Ethereum to their Global Digital Asset Exchange (GDAX), which they have been operating since May, which has seen a rise of 350 percent on average daily trading volume since the inclusion of Ethereum.

Of course, with Coinbase only supporting ETH and not ETC, it remains to be seen whether that will change in the future.

The blog post added that there are no plans to change that yet.

At this time, Coinbase is not planning to support ETC trading or transactions on our platform. We will only be making this credit available to send off-platform. Customers should avoid sending additional ETC to any Coinbase wallet. We will update this post as the credit process becomes available.

Featured image from 360b via Shutterstock.