Global Fintech

Coinbase will soon support Ethereum Classic ETC – price jumped 25%

Coinbase Supports Ethereum classic (2)

On June 11th one of the biggest and most popular American cryptocurrency exchange Coinbase tweeted that they will soon start supporting Ethereum Classic on their platform. Coinbase has so far supported 4 cryptocurrencies, which were Bitcoin, Ethereum, Bitcoin Cash and Lite Coin. After their recent announcement, the price of Ethereum Classic jumped to $16.15 from $12.89 which is almost a 25 per cent increase. All this started on the 11th of June at 01:14 UTC (Universal Time Coordinated) after which it took less than an hour for the ETC graph to start climbing upwards. The reason Coinbase announced this information, ahead of the official launch is because it had to take all the necessary measures to avoid insider trading, as there previously were some occurrences of ‘insider trading’ while the cryptocurrency exchange added Bitcoin Cash to their platform. 

About Ethereum Classic

 Ethereum Classic or ETC as they call it is a Blockchain based distributed computing platform which features ‘smart contract functionality’. ETC’s value token is called as Classic Ether. This token is exchanged under the ticker symbol ‘ETC’. The original Ethereum platform was forked into two versions ‘Ethereum Classic’ and ‘Ethereum’. Before the fork it was just ‘Ethereum’ but after the fork, new tokens kept the name  ‘Ethereum’ while the old ones were renamed. Ethereum Classic was born due to a disagreement between the Ethereum Foundation and members of the Ethereum Community. A venture capital fund, called the DAO which was built on Ethereum, raised $168 million for the purpose of investing in ‘smart projects’. Within a month information was released exposing some vulnerabilities with the DAO which could lead to Ether theft. A vote was called for between the DAO and members of the community, and a hard fork was implemented. Some members of the Ethereum Community rejected the hard fork and thus Ethereum Classic was born in June of 2016. Bitcoin and Ethereum are the most powerful cryptocurrencies today and stand at the at 1st and 2nd position respectively. Compared to these two, Ethereum Classic is the 18th on the list.

About Coinbase Exchange, Their CTO, and Their Vision

Coinbase is a digital cryptocurrency exchange founded in June 2012. Headquartered in San Francisco, California, they currently serve almost 32 Countries. It was founded by Brian Armstrong who still acts as CEO of the company. Their CTO, Balaji Srinivasan says that along with adding new tokens, Coinbase is also working on how they plan to use Blockchain technology such as atomic swaps, proof of stake and sharding.

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