Coinbase may be one of the most-lauded crypto exchanges, but it supports just four coins right now which is far fewer than most others. That’s about to change a little after it announced plans to add Ethereum Classic (ETC), a fork of the Ethereum crypto token, to its service “in the coming months.”
Ethereum Classic was created in July 2016 following a major hack on The DAO, a fundraising vehicle for the project. In short: the Ethereum Foundation, which manages the Ethereum token, continued on post-hack, but a splinter group created its own version of Ethereum — Ethereum Classic — that rescued the lost funds.
A date for the introduction of ETC will be communicated via Coinbase blog and Twitter account in due course, according to the company.
Coinbase is announcing its intention to list Ethereum Classic ahead of time so that it can test integrations as part of its new policy on adding new tokens, but that move is also in response to concerns that around inside trading when the exchange added Bitcoin Cash last December.
Coinbase went so far as to investigate the incident which saw service outages and wild price fluctuations for Bitcoin Cash right after its addition to the exchange.
Indeed, the price hit a high of $8,500 on Coinbase and its GDAX service for professional investors, which was almost three times higher than the $3,500 price on all other exchanges. That led to speculation that Coinbase staff and insiders could have profited by buying BCH on other exchanges in the knowledge that it was about to be added to Coinbase, thus spiking the price significantly.
This time around with ETC, Coinbase will hope that its statement of intent to list the token further down the line will avoid the potential for foul play.