Coinbase to add support for Ethereum Classic

Leading US-based crypto exchange Coinbase has just announced it is adding Ethereum Classic to its platform.

Coinbase made the announcement on Monday, with prices fro Ethereum Classic surging shortly after.

Ethereum Classic was the result of a hard fork of the original Ethereum blockchain.

After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic (ETC).

Coinbase currently lists Ethereum (ETH) alongside Bitcoin, Bitcoin Cash, and Litecoin.

In a blog post, the U.S. cryptocurrency exchange announced it is has started integrating Ethereum Classic into its platform and expects the service to be live in the “coming months.”

According to Coinmarketcap data, the price of Ethereum Classic started to spike sharply at around 9.24pm Eastern time on Monday following Coinbase’s Twitter announcement at 9.18pm.

By around 10 pm, the price had soared as high as $16.15, registering a 25 percent increase in under an hour.

New coins on Coinbase

In March, Coinbase reiterated that it had not made any decisions on adding new assets, following rumors the exchange would soon add Ripple’s XRP.

This announcement was a follow-up to a similar statement made in January.

At the time, Coinbase said:

“The internal asset selection committee has been assessing assets using our Digital Asset Framework, but no assets have been recommended to the Coinbase executive team.”

Coinbase hasn’t revealed its asset selection committee’s change of thought that led to the support for Ethereum Classic.

The decision to add Ethereum Classic arrives following a lot of speculation in the industry regarding Coinbase’s asset selection process.

Their crypto choices have been described as “random, if not altogether dubious.”

The reason for such comments partially stems from Coinbase adding support for Bitcoin Cash.

The exchange added BCH to its platform just months after the cryptocurrency was created from a hard fork from the Bitcoin blockchain.

Mixed Response

The news has sparked a mixed response in the crypto community.

Clearly, the announcement was welcomed by ETC holders but left many others confused and disappointed.

The majority of the criticism is aimed at the choice of the crypto with it being a lesser-popular asset.

It’s worth noting that Coinbase only lists two sperate cryptocurrencies and their forks:

Bitcoin plus its forks; Litecoin and Bitcoin Cash.

Ethereum, and now its fork, Ethereum Classic.

Could the choice be more of a logistical decision as it’s easier to implement forks into their system?

Either way, the lack of diversity on the exchange isn’t going down too well with users.

One alternate take we get from the announcement, however, is that it now seems less likely that Coinbase will be adding any more assets to its platform in the near future.