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Coinbase Announces Support for Ethereum Classic

Reading Time: 2 minutes by on June 13, 2018 Altcoins, Ethereum, News
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In significant development, Coinbase was “pleased to announce” support for Ethereum Classic (ETC) “in the coming months.”

Wind in ETC’s Sails

The announcements come a time when ETC continues to perform well regarding market capitalization, with the announced bound to put more wind to its sails. At press time, ETC is trading at $14.41 after gaining 21.3 percent in last 24 hours.

ETC price chart
(Source: CoinGecko)  

Coinbase promises to start working on providing technical support for ETC and aims to keep the community updated on the progress by making upcoming APIs public. Upon the completion of the technical procedures, Coinbase will announce an official listing date on its blog and Twitter.

Coinbase Expands Its Portfolio

Before the public launch of support for ETC, Coinbase will notify its Pro and Prime users on the availability of limit orders for ETC on its platforms. Furthermore, the support is planned for all regions Coinbase operates in, as there are no regulatory obstacles to trading ETC.

Coinbase had already announced support for the ERC20 technical standard, and the withdrawal of Bitcoin forks and the addition of ETC will undoubtedly attract new users to the broader cryptocurrency market.

Ethereum Ascendant  

Ethereum Classic became one of the more prominent altcoins following a hard fork of the Ethereum open-source blockchain platform after the infamous DAO hack in July 2016.

Following the attack, the Ethereum community split into two factions: Those in favor of a hard fork of the Ethereum blockchain, to return the lost tokens to their rightful owners, and those in opposition. Developers and miners who continued to mine the pre-fork blockchain brought the Ethereum Classic protocol into existence.

Its parent blockchain, Ethereum, was launched as a network for creating smart contracts and decentralized apps (DApps) by Vitalik Buterin in 2013.

Ethereum’s digital token ether (ETH) has experienced a meteoric rise in 2017 and has a market cap of more than $35 billion at the time of writing, making it the world’s second-largest cryptocurrency after Bitcoin (BTC).

Coinbase Launches Index Fund

On June 13, 2018, Coinbase announced the launch of their investment fund, open to investors from $250,000 to $20 million. Currently, the Index Fund is open only to US-resident accredited investors and the company claims to be working on launching more funds “which are accessible to all investors and cover a broader range of digital assets.”

The announcement stated:

“Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization. As we announced yesterday, the fund will be rebalanced to include Ethereum Classic, and more assets when they are listed by Coinbase in the future.”

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