Since last week, the Ethereum Classic community has been waiting for the last round of testing to be completed on Coinbase, one of the leading cryptocurrency exchange platform around the world. On 7th August, the exchange platform announced that they have completed the final testing for Ethereum Classic [ETC] and that everything was in sync with their plan.
Coinbase announced on Twitter:
“Following last week’s update about the final stage of testing for Ethereum Classic [ETC], we are now accepting inbound transfers of ETC on @CoinbasePro.”
The coin will first be launched on Coinbase Pro. Once the exchange platform gains sufficient liquidity for the coin, it will be listed on Coinbase.com. The exchange is expecting to gain the required liquidity within 2-3 weeks of its launch on Coinbase Pro.
Coinbase Pro is a part of GDAX which was recently split into two, the other being Coinbase Prime. Coinbase Pro platform is for the individual traders of the platform whereas Coinbase Prime is for the institutional customers.
The exchange platform states that the coin will be launched in four stages on the Coinbase Pro platform.
- Transfer Only
- Post Only
- Limit Only
- Full Trading
The coin has been paired with USD, EUR and BTC. Currently, the customers can start availing the ‘transfer only service’ on the platform. They have also mentioned that this does not fulfill their assessment for a healthy and orderly market and that they can prolong the duration of the coin in one stage or suspend trading altogether.
Coinbase said that Ethereum Classic is the first step towards enabling their customers to trade more assets on their platform. They further stated:
“We announced last month that we are exploring a number of other assets to add to the platform, and customers should expect to see similar announcements when we are exploring new assets to add to the platform”
The ETC community has been waiting for the positive announcement to be made by the exchange platform. The hype of it being listed on the exchange platform led to a significant rise in its value. The coin surpassed Tron [TRX] and Monero [XMR] and gained the 11th position in the cryptocurrency market. However, since the announcement, ETC has witnessed a decline in its value and has fallen to the 11th position on CoinMarketCap.
According to CoinMarketCap, at press time, Ethereum Classic was trading at $18.51 with a market cap of $1 billion and witnessed a fall of more than 1% in the past one hour.
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