Coinbase plans to add support for ETC this week, considers new additions for custodial service.
US-based cryptocurrency exchange Coinbase announced on Friday that it had reached the final testing phase before adding support for Ethereum Classic (ETC) on its platform. Separately, the company announced it is exploring the addition of 37 new virtual currencies to its custodial service, Coinbase Custody.
ETC listing looms
According to a statement published on its official blog, Coinbase is conducting final tests before adding support for ETC on its platform. The company believes this phase will be completed by Tuesday, August 7.
Before trading is enabled, inbound transfers will roll in for a period of 24 to 48 hours to ensure Coinbase Pro and Coinbase Prime have enough liquidity. Ethereum Classic is going to be added to various Coinbase services, namely Coinbase Prime, Coinbase Pro, Coinbase Markets, Coinbase Custody, Coinbase Asset Management and Coinbase Consumer.
Coinbase further noted that users who at the time of the 2016 Ethereum’s hard fork had ETH on the platform but chose not to withdraw it will receive a corresponding amount of ETC.
Ethereum Classic is the 15th Largest coin with a market cap of over USD 1 billion, according to Coins.Online trading data. As the news hit the markets, the price rose 14% to $16.92 within the space of an hour. The coin continued its upwards movement during the weekend, climbing above $17.
ETC is the latest cryptocurrency to be supported by Coinbase. Last month, the exchange revealed it is considering adding Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX).
Coinbase Custody to add 37 new assets
In a separate statement on Friday, Coinbase Custody said it is exploring the addition of 37 new assets, including Ripple (XRP), Cardano (ADA), EOS (EOS) and Monero (XMR).
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading,” the company clarified in its blog post.
Launched last month, Coinbase Custody is one of the recent offerings by Coinbase which aims at securing assets of institutional investors. As described by the exchange, the product “fills the role of a trusted custodian as seen in a traditional financial system in order to ensure secure storage of the clients’ assets”.