The hype surrounding Coinbase’s upcoming Ethereum Classic (ETC) listing has continued, with Coinbase’s so-called “Pro” platform recently announcing that it now officially supports ETC deposits.
Ethereum Classic Is Now Live On Coinbase Pro
On Tuesday morning, Coinbase took to Twitter to announce that its plans for the launch of Ethereum Classic were successful, with the exchange finally offering support for the transfer of this crypto asset.
In an announcement blog post, David Farmer, Coinbase Pro’s General Manager, wrote:
“We announced final testing for Ethereum Classic last Friday, with a goal of accepting transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching support first on our exchanges (Coinbase Pro).”
While Pro’s support for ETC officially commences today, Farmer implied that the addition of this asset isn’t a simple process, as he outlined an extensive four-stage plan that will ease the stress on Coinbase’s employees, system and consumers alike.
Stage 1 — Transfer-only: As noted earlier, Coinbase Pro users can now transfer their Ethereum Classic coins to the exchange starting today. While deposits are supported, traders will be unable to place orders. Coinbase expects this stage to last for at least 24 to 48 hours.
Stage 2 — Post-only: In this stage, Coinbase customers will be able to post limit orders, but no order matches will be made during this time. The platform will allocate a minimum of 10 minutes to this stage.
Stage 3 — Limit-only: Following the post-only stage, trader’s limit orders will begin to be matched with other orders. However, market orders will not be supported just yet, with the firm allocating yet another 10 minutes to this phase.
Stage 4 — Full Trading: Following the success of the aforementioned stages, Coinbase Pro expects to launch full-fledged support for trading, including limit, market and stop orders.
It was added that this process would be completed on a case-by-case basis for each of the platform’s new order books, which are ETC-USD, ETC-BTC, and ETC-EUR. The Coinbase executive noted:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.”
It is important to note that ETC will not be available for Coinbase Consumer (Coinbase.com) just yet, with the platform citing liquidity concerns as the primary reason why ETC will not initially be added to the platform used by a majority of retail investors.
ETC Surpasses Tron, Monero, And More To Become The 11th Largest Crypto
As a result of a series of positive developments regarding this cryptocurrency, Ethereum Classic has skyrocketed as of late, recently surpassing cryptocurrencies like Tron and Monero to become the 11th largest cryptocurrency by market capitalization. Just a few weeks ago, ETC was the 16th largest cryptocurrency, holding no resemblance to the position it is in now.
This positive bout of price action goes to show how influential Coinbase is on the price of crypto assets, with the so-called “Coinbase effect” pushing Ethereum Classic “to the moon.”
Title Image Courtesy of Coinbase