Coinbase, the United States’ largest cryptocurrency exchange and wallet platform, has announced its intention to add Ethereum Classic on its trading platform.
With the upcoming listing, Ethereum Classic will become the fifth cryptocurrency listed on the platform after Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The announcement comes at a very early stage, even before the commencement of the integration process. This is clearly in response to the concerns of insider trading, allegations of which it faced when it listed Bitcoin Cash in last December.
Ethereum Classic, is in its part, a controversial coin as well. It was created in June 2016 by forking Ethereum’s blockchain amid the massive hack of the DAO. Due to a philosophical disagreement within the community, the hard fork ended up creating two coins – Ethereum and Ethereum Classic.
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The announcement also made a huge impact in the market as Ethereum Classic bounced more than 20 percent in last 24 hours. Moreover, after the announcement, the coin spiked 25 percent in mere 30 minutes. Considering the markets recent bearish performance, where most of the coins are bleeding, this is a huge achievement for Ethereum Classic.
Compared to Ethereum, Ethereum Classic is not that popular and is the 18th largest coin with a market cap of $1.5 billion. However, over the recent period, it gained a substantial audience.
Earlier this year, Coinbase announced that it is going to add support for ERC20 tokens which will open the gates for exchange to list any coin from a list of more than 50,000 coins in the market. However, the exchange did not specify any timeline and only assured that it would be done in “the coming months” just like this time.
The San Francisco-based exchange is also aiming to become a market leader in the sector and is on an executive hiring spree. In the recent months, it added many big names from the tech industry and as well as from the Wall Street.
According to reports, the explosive growth of the cryptocurrency market in 2017 resulted in it to register a yearly revenue of more than a billion. Moreover, in a recent acquisition deal, Coinbase valued itself at $8 billion, higher than the expectation of many market analysts.