While the cryptocurrency market has been in a tumultuous state in the last 72 hours, Coinbase has pushed forward with its development, noting recently that Ethereum Classic is almost ready for the addition to the platform's exclusive cryptocurrency roster .
In mid-June, Ethereum World News reported that Coinbase had announced that the company's engineering team had started working on the integration of Ethereum Classic. At the time, the well-established cryptocurrency platform did not provide a clear chronology about the integration of the cryptographic resource, apparently silent as far as news on listing is concerned.
But with this most recent announcement, it's clear engineering and coding the company's team has struggled, doing its best to add ETC as soon as possible.
Friday afternoon, Coinbase took Twitter to stop the latest update on this situation. They posted the following tweet on the account of over a million followers, which made the waves tremble throughout the industry.
Our team of engineers is starting the final tests of Ethereum Classic on Coinbase products. We expect the final tests to be completed by Tuesday, August 7, at which point we expect to announce that we are ready to accept ETC's incoming transfers: //t.co/l7smcSY3q8
– Coinbase (@coinbase) 3 August 2018
In the blog post accompanying the tweet, the exchange revealed that it expects final tests to be completed by 7 August. Following the conclusion of the company's numerous test cycles, Coinbase will open support for inbound deposits on Coinbase Pro (formerly GDAX) and Coinbase Prime.
It is important to note that trading will not be enabled immediately, with the exchange it intends to allocate from 24 to 48 hours to explicitly facilitate ETC deposits. The company's Twitter account noted:
"We intend to allow 24-48 hours of inbound transfers before enabling the negotiation of Ethereum Classic on
@CoinbasePro and Prime . "
While the company seems rather confident about this date, it has been noted that it may be subject to change, with the date seen as only a "best estimate", rather than a purpose. In any case, the details change, Coinbase announced that timely updates would be given to the public to stay in line with their transparency policy.
Coinbase also noted that its so-called "Consumer" exchange, the name given to the barebone exchange intended for "everyday" retail investors, will initially not support ETCs after August 7th. The cryptocurrency infrastructure company wrote:
"Coinbase Consumer will list resources only after being listed on Coinbase Pro and Prime. We expect to add ETC support to Coinbase Consumer when sufficient liquidity is established. check about 1-2 weeks after the start of trading on Pro and Prime. "
Ethereum Classic (ETC) continues to outperform the market
When the original ETC announcement hit, the cryptocurrency has immediately saw a large increase in volume, quickly seeing a 25% increase. This positive price action continued, with the 15th largest cryptocurrency outperforming most of the altcoin when this recent announcement was approaching.
At present, about two hours after this series of news, Ethereum Classic has seen a staggering gain of 12% and an almost doubling in the volume reported publicly.
This increase has been so large that CNBC Fast Money, which covers the cryptocurrency market almost every day, has issued a tweet related to price action.
– CNBC & # 39; s Fast Money (@CNBCFastMoney) 3 August, 2018
Considering the fact that a quote on Coinbase results in an increase in the levels of adoption for a cryptocurrency, it is logical that ETC will continue to move towards the top hand that we are approaching the final list date.