Ethereum Classic (ETC) has been in the news over the past few months. Back in June, Coinbase, the biggest cryptocurrency exchange in North America, announced that it plans to introduce support for trading Ethereum Classic. Since then, the anticipation has been growing. Coinbase announced that ETC support will begin rolling out starting the 7th of August.
However, the support for the currency was limited only to Coinbase Pro users. It was then followed by ETC support on the Coinbase Index Fund. However, for the users of Coinbase’s main website for consumers (Coinbase.com), the wait continues. Coinbase finally announced that ETC support for consumer customers would be rolled out starting 5 P.T. today.
Coinbase made this announcement official via two Tweets:
“Starting at 5pm PT tomorrow, Coinbase Consumer customers will be able to buy, sell, store and use Ethereum Classic (ETC) on http://Coinbase.com and through the mobile app.”
It further adds,
“ETC will be available to customers in every country where Coinbase Consumer is available. We’re thrilled to offer ETC to all of our customers and will continue working to add more assets to Coinbase.”
Following this announcement, investors began to purchase ETC in large numbers – resulting in the currency growing by 16% – topping the charts of growth by percentage over the past 24 hours. Moreover, Ethereum Classic became one of the four cryptocurrencies in the top 20 to post a profit. This is a significant growth as the markets have been very volatile and uncertainty is at an all-time high.
The rise in the price of a currency after being listed on Coinbase has been termed ‘Coinbase Effect’ – as it opens the doors for many consumers to invest into the currency, leading to a bullish momentum. A similar effect was seen on the price of Bitcoin Cash too, when it got listed on the Coinbase platform late last year.
