Coinbase To List Ethereum Classic
Coinbase – the largest US-based cryptocurrency exchange by trading volume – is set to list a new asset on their exchange, Ethereum Classic (ETC).
According to a company blog post, Coinbase will be adding Ethereum Classic “in the coming months.” Coinbase made the announcement in advance as part of its new policy for adding assets; however, many believe the move is in response to concerns around insider trading when the exchange listed Bitcoin Cash last December.
Cryptocurrency investors have long awaited the next Coinbase listing. On March 26th, Coinbase announced support for Ethereum-based ERC20 tokens, leading many to speculate as to which assets would soon be added. Leaving many investors in disbelief, Ethereum Classic will be the first asset to be added to the exchange since the company announced ERC20 support. Following the post, Ethereum Classic spiked over 20%.
Ethereum Classic is a hard fork – or split – of the main Ethereum blockchain. The split occurred on October 26th, 2016, following The DAO hack. The DAO was a decentralized funding vehicle and one of the first attempts at a truly decentralized autonomous organization. Due to a vulnerability in The DOA’s code, the hack resulted in some 3.7 million Ether being stolen, leaving investors shaken.
As the project was still in its infancy, the Ethereum development team – lead by founder Vitalik Buterin – chose to reverse all transactions on the network until just prior to the hack; thus, creating Ethereum and Ethereum Classic. This move was unpopular at the time and still drives a lively debate over the true Ethereum, since rolling back a blockchain goes directly against the notion of an immutable ledger.
Ethereum Classic will be the 5th asset to be added on the exchange since its launch in June of 2012. Other assets include Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC).