Coinbase Commences Final Testing for Ethereum Classic
After recently announcing support for GBP currency on Coinbase, a tweet from Coinbase’s account announced that their engineering team has begun final testing for the inclusion of Ethereum Classic on the Coinbase platform. Along with this, the tweet mentions final testing is expected to be complete on Tuesday, August 7th, which would allow for inbound ETC transfers through Coinbase Pro and Coinbase Prime to begin.
The tweet also includes a link to the Coinbase team’s blog on Medium, which further outlines how ETC will be rolling out on Coinbase’s various services:
Once testing is complete on August 7th, the Coinbase team intends to allow 24-48 hours of inbound ETC transfers through their Coinbase Pro and Coinbase Prime services. After this, Coinbase will enable trading through Coinbase Markets, and once sufficient liquidity has been established Coinbase will then open trading through their Pro and Prime platforms.
Pre-2017 ETC Holders and Coinbase Consumer Listing
The Coinbase blog post outlines that customers who previously held Ethereum Classic due to the 2016 Ethereum hard fork, and who chose not to withdraw their funds before January 2017 will receive a corresponding Ethereum Classic Credit on their accounts. Coinbase also includes a couple of frequently asked questions in their blog post, explaining that their testing completion date of August 7th is an estimate and can be subject to change. Along with this, they specify that Ethereum Classic will be available everywhere Coinbase is supported, leaving no locations excluded from the listing.
Lastly, Coinbase has specified that once sufficient liquidity is established on Coinbase Pro and Coinbase Prime, Ethereum Classic will be listed on the consumer version of Coinbase. In the post, Coinbase estimates about one to two weeks of trading on the Pro and Prime platform before Ethereum Classic makes its way to Coinbase consumer.
Ethereum Classic Price Jumps Upwards
As a result of this announcement, Ethereum Classic saw a strong rousing in price, moving up around 14% to briefly reach highs of $16.97 before settling down at $16.43 at the time of writing. As long as the retrace doesn’t dip below the $16.00 level, this Coinbase announcement will have brought ETC back from the recent bleeding in price for Ethereum and various other altcoins.
Below is the 1h chart of ETC/USD on the BitFinex exchange:
Chart is from TradingView.
Ethereum Classic’s Future After Testing and Listing
As the days move towards the completion of testing and its subsequent listing on Coinbase’s markets, it’s likely we’ll see another surge in ETC’s price. As liquidity is established, Ethereum Classic’s subsequent listing on Coinbase’s consumer platform will open it up to a massive amount of customers all over the world. While some believe that this listing will see Ethereum Classic’s price reach and surge beyond its previous all-time high of ~$42.00, with the recent trend of the market it seems unlikely to see such a strong performance.
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