Ethereum Classic Sees 25 Percent Upsurge Following Coinbase Listing Announcement

Ethereum Classic (ETC) has now joined the ranks of Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) as among the few digital assets supported by Coinbase. The San Francisco-based digital currency exchange made the announcement on Tuesday via Twitter, Cointelegraph wrote in its report.

Following this, ETC saw a 25 percent price spike that brought the cryptocurrency from $12.89 to $16.15, gaining a 25 percent increase in the span of just half an hour. At press time, ETC is trading at $16.07.

The digital currency exchange said in the announcement that engineering efforts are already underway to incorporate ETC onto the platform. Details on the trading of the cryptocurrency on Coinbase will be released on Sept. 5.

“We will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5),” the company said.

While this bodes well for Ethereum Classic, other traders are questioning the selection process used by Coinbase. It can be recalled that three months ago, the company said it wasn’t planning on adding another asset to its platform, which made the announcement a surprise to others monitoring the market.

At the time, Coinbase said that although its internal committee had been looking at assets with the help of its Digital Asset Framework, there were no recommendations made to the executive team. There was also no explanation offered by the company as to the sudden change in decision, leading others to speculate that the selection could, in fact, be random.