Well, we didn’t see this coming. Coinbase have announced their next listing, stunningly in the form of Ethereum Classic. As it stands, Coinbase only list Bitcoin, Bitcoin Cash, Litecoin and Ethereum, making Ethereum Classic the fifth to be added to the growing Coinbase portfolio. Whilst Ethereum Classic has not gone live on the listing just yet, Coinbase have confirmed that it’s availability will become clear over the next few months, essentially, both Coinbase and Ethereum Classic are taking their time with this to ensure the roll out is seamless.
This is no doubt the start of a far bigger project for Coinbase, who have also recently confirmed that they are going to add support for Ethereum ERC-20 Tokens and will also start to list other Bitcoin Forks, this would include currencies such as Bitcoin Private, Bitcoin Diamond and Bitcoin Gold. As it stands though, we have no specific timeline for these additions, instead, Coinbase will be concentrating on Ethereum Classic as a lone project for the time being.
According to Mashable:
“This will undoubtedly bring a new level of visibility to Ethereum Classic, which is a decentralized smart contract platform similar to Ethereum. In fact, Ethereum is a so-called hard fork of Ethereum Classic; it was created in July 2016 and the two projects share their blockchain history up until that point, though Ethereum got to keep the original name.”
“Ethereum Classic came to be after a part of Ethereum’s leadership decided to undo the damage done by the DAO hack, which saw hackers exploit a vulnerability in the code of Ethereum-based decentralized venture capital fund called DAO to steal 3.6 million ether, worth roughly $50 million at the time. Ethereum Classic chose not to change its blockchain history, and while it claims it wants to preserve Ethereum’s original vision, Ethereum turned out to be far more popular, with thousands of decentralized apps and initial coin offerings (ICOs) being run on the platform.”
See the full report by Mashable for yourself, here-
Ethereum Classic has taken very well to this news, at the time of writing Ethereum Classic is valued at $15.82, up 22.77%. This rise is among a market that is making little progress and therefore it is conclusive that this rise is as a result of the Coinbase announcement. If Ethereum Classic continues to rise at this rate, we could very well see Ethereum Classic hit $20.00 by the end of the week.
Moreover, once the Ethereum Classic listing goes live on Coinbase, we can expect to see the trading volume and market cap of Ethereum Classic increase drastically, pulling its value up with it too. Whilst it is not conclusive that this will happen, given the right climate and a well timed launch for the listing on Coinbase, we could see Ethereum Classic move back up to its all time height of $45.00, above all, it’s a very exciting time indeed for both Coinbase and the Ethereum Classic project.