The hype surrounding the upcoming Ethereum Classic (ETC) of Coinbase continued, with the so-called Coinbase "Pro" platform officially announcing that it now officially supports ETC deposits.
Ethereum Classic is now live on Coinbase Pro
Tuesday morning, Coinbase took Twitter to announce that its plans to launch Ethereum Classic were successful, with the exchange finally offering support for the transfer of this cryptographic asset.
Coinbase Pro now accepts Ethereum Classic transfers! Our full launch program is outlined here: https://t.co/8fWBi7RncB
– Coinbase Pro (@CoinbasePro) 7 August 2018
In an ad blog post, David Farmer, General Manager of Coinbase Pro, wrote:
"We announced the final test for Ethereum Classic last Friday, with the goal of accepting transfers for Exchange users by Tuesday, August 7. Our tests went according to the plans and we will start the first support on our exchanges (Coinbase Pro). "
While Pro's support for ETC officially begins today, Farmer implied that adding this resource is not a simple process, while outlined a four-step plan that relieves Coinbase employees, systems and consumers.
Stage 1 – Transfer Only: As noted above, Coinbase Pro users can now transfer their Ethereum Classic coins for exchange starting today. While deposits are supported, traders will not be able to place orders. Coinbase expects this phase to last at least from 24 to 48 hours .
Phase 2 – Post-auction only: In this phase, Coinbase customers will be able to send limit orders, but during this period no order matches will be made. The platform will assign a minimum of 10 minutes to this stage.
Step 3 – Limit only: After the post-only phase, the trader's limit orders will begin to be combined with other orders. However, market orders will not be supported yet, with the company allocating another 10 minutes at this stage.
Stage 4 – Full Trading: Following the success of the phases mentioned above, Coinbase Pro expects to launch a complete support for trading, including limits, market orders and stops.
It has been added that this process would be completed on a case-by-case basis for each of the new platform orders, which are ETC-USD, ETC-BTC, and ETC-EUR . The Coinbase executive noted:
"If at any time one of the new orders does not meet our assessment for a healthy and orderly market, we may keep the book in a state for a longer period of time, or suspend trading as per our trading rules. "
It is important to note that ETC will not yet be available for Coinbase Consumer (Coinbase.com), with the platform citing liquidity concerns as the main reason why ETC initially did not will be added to the platform used by the majority of retail investors
ETC exceeds Tron, Monero and others to become the eleventh largest crypt
As a consequence of a series of positive developments regarding this cryptocurrency, Ethereum Classic is skyrocketed from late, recently surpassing cryptocurrencies like Tron and Monero to become the eleventh largest cryptocurrency by market capitalization or. Only a few weeks ago, ETC was the sixteenth largest cryptocurrency, with no resemblance to the position it is in now.
This positive price-action attack shows how influential Coinbase is on the price of cryptographic assets, with the -Called "Coinbase Effect" pushing Ethereum Classic "on the moon."
Title Image courtesy of Coinbase