Coinbase to accept Ethereum Classic (ETC) deposits from August 7

Coinbase, the cryptocurrency exchange and wallet service provider has announced that they are almost ready to offer support for Ethereum Classic (ETC) is almost ready to offer support for th coin on its different platforms. A statement published on its official blog and on its official Twitter account on Friday has soared the excitement level throughout the industry.

The Blog mentions that they are making this announcement in sync with their process for adding new assets. The engineering team has begun the final testing and it is expected to be completed by 7th August.

“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.”

Although the exchange platform claims that the date is as per their best estimate, further updates regarding he listing status of ethereum classic will be provided. The announcement also entailed some details regarding the ethereum classic support for various Coinbase services that they offer, although this support will be implemented incrementally.

Coinbase Custody—  support for inbound transfers and withdrawals of ETC will be added.

Coinbase Markets- Trading support for ETC will be added. Trading will be allowed 24–48 hours of transfers through Coinbase Pro and Prime before opening the markets. In accordance to the platform’s trading policy ethereum classic books will be opened for a minimum of 10 mins. Trading on Pro and Prime will be activated once sufficient liquidity is established.

Coinbase Pro and Coinbase Prime the Pro and Prime will have respective trade support for ETC.

Coinbase Asset Management In accordance with the Coinbase Index Methodology, any listed asset on Coinbase Markets will be added to Coinbase Index and the Coinbase Index Fund will rebalance to include ETC.

Coinbase Consumer The support for ETC will only be added on Coinbase Consumer when sufficient liquidity will be established.The assets will list only after they are listed on Coinbase Pro and Prime, which should take approximately 1–2 weeks after the commencement of  trading on Pro and Prime.

Once fully listed, ETC will be available in all geographies, where Coinbase is available, subjective to the availability dictated by Coinbase platform trading rules. After a bout of harsh criticism and a class action lawsuit over accusations of insider trading during last December’s bitcoin cash listing, Coinbase has implemented a comprehensive information announcement policy to invite trust and to enhance transparency.

Read more: Coinbase Users Can Convert Cryptos to e-Gifts, Cryptos Get a Boost

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