Coinbase has let it be known that their engineering team is set to begin final tests for the support of ethereum classic (ETC) on Coinbase. These efforts are consistent with Coinbase’s process and goal of adding and exposing the public to new assets periodically. Coinbase communicated through their blog that they expected the final tests to be run and completed today after which an announcement will come through about them being ready to accept inbound Ethereum classic (ETC) transfers. In their blog post, they revealed that they intended to sanction a period of 24-48 hours of inbound transfers through Coinbase Prime and Coinbase Pro before enabling any trades.
What will this mean for Coinbase products?
- Coinbase Custody
There will be added support for inbound transfers and the withdrawals of ETC
- Coinbase Markets
The markets team will allow 24-48 hours of transfers using pro/prime and then open the markets for trading. The ethereum classic (ETC) will open for a minimum 10 minutes. Trading will be enabled on pro and prime as soon as sufficient liquidity is realized.
- Coinbase Pro
The pro team will go ahead and add trading support for Ethereum classic (ETC). it is important to note that users who previously had a balance of ethereum classic on the balance due to the 2016 Ethereum hard fork and did not withdraw their balances before January 2017 will receive a corresponding credit of ethereum classic on their accounts.
- Coinbase Prime
The prime team will also add ethereum classic (ETC) trading support. Just as with the pro team, customers that still had an ethereum classic balance as a result of the 2016 ethereum classic hard fork and did not choose to withdraw the balance before January 2017 will receive a corresponding credit of ethereum classic on their accounts.
- Coinbase Asset Management
Assets that will be added on Coinbase markets will be added to the Coinbase index which will be consistent to the Coinbase index methodology. The index fund will also rebalance to accommodate Ethereum classic (Ethereum classic)
- Coinbase Consumer
Coinbase consumers will only list assets after Coinbase pro and prime list them. Ethereum classic will be added to Coinbase consumer immediately after sufficient liquidity is realized. This should not exceed 1-2 weeks after trading on pro and prime kicks off. Ethereum was only supported on Coinbase consumer after the 2016 fork, which means that there will be no classic credits for Coinbase consumer users.
Some of the questions that are most likely to arise according to Coinbase will be;
- Will the Launch Date Change?
The provided date is the best estimate by Coinbase and updates will be provided periodically
- Will ETC Be Available Everywhere?
On this, Coinbase has made it clear that your ETC will be available in all the places that Coinbase is available.
I am a crypto enthusiast based in Nairobi Kenya, who loves investing, research writing, reading, fitness, African food, and soccer.
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