They will begin the engineering work for supporting Ethereum Classic [ETC] for which users can expect to see public-facing APIs and other signs that for the addition of the digital asset.
Coinbase announced on Monday that ethereum classic would become the fifth cryptoasset to be listed on the firm's platforms, joining bitcoin, ethereum, bitcoin cash, and litecoin. It was created in June 2016 by forking Ethereum's blockchain amid the massive hack of the DAO.
The suite of Coinbase which will first list ETC are those aimed towards institutional investors and serious traders.
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Also notably, the decision to add ethereum classic arrives after some in the industry had questioned Coinbase's asset selection process to be "random, if not altogether dubious". It is now Ethereum Classic's turn but without any Main Net reasoning.
Ethereum Classic, is in its part, a controversial coin as well. It is now the only currency with a double-digit gain in the top 50 or nearly the entire market.
Since ETC is a result of a hard fork of the Ethereum network, those users who had an Ethereum Classic balance on the platform in 2016 and chose not to withdraw it before January 2017 may receive the corresponding ETC credit. After evaluating factors such as liquidity, price stability, and other market health metrics, Coinbase may choose to add Ethereum Classic to the Coinbase platform. ETC books will open in post-only for a minimum of one hour. Considering the markets recent bearish performance, where most of the coins are bleeding, this is a huge achievement for Ethereum Classic. It is now the 18th most valuable digital currency and its market cap of approximately $1.5 billion is dwarfed by that of Ethereum ($53.3 billion) and of Bitcoin ($117.8 billion). So far things are all on the brighter side for this currency when the entire market is thriving to stabilize itself.