Crypto

Coinbase Not to Include Ethereum Classic Support Anytime Soon

Gautham | July 28, 2016 | 9:30 pm
NewsBTC
Crypto

Coinbase Not to Include Ethereum Classic Support Anytime Soon

Gautham | July 28, 2016 | 9:30 pm

The unexpected rise of Ethereum Classic, the original Ethereum blockchain without a hard fork has got few leading cryptocurrency exchanges considering its implementation into their platforms. Poloniex became the first cryptocurrency exchange platform to include ETC support, with few more expected to do so soon.

However, one platform that doesn’t want to jump into the ETC bandwagon right now is Coinbase. The leading US-based digital currency exchange platform has recently made it clear that the platform will not be supporting Ethereum Classic anytime soon. The announcement made on Coinbase’s GDAX twitter account reads,

“We wanted to provide some clarity to GDAX users who are concerned with the recent Ethereum hard fork. GDAX supports trading and withdrawals only for the ETH (Ethereum) network and currently does not support ETC (Ethereum Classic).

Customers are advised not to deposit ETC or any unsupported digital currency to GDAX.

For customers who had ETH balances on GDAX immediately prior to the hard fork on July 20, 2016:

  1. 100% of ETC associated with ETH balances at the time of the hard fork are secured in GDAX cold storage.
  2. We plan to allow withdrawal of an amount of ETC that corresponds to ETH balances at the time of the hard fork. We’ll be working on this feature over the coming weeks and will provide updates via this Twitter account.

ETC associated with ETH sent to GDAX after the hard fork is not supported by GDAX.

We currently do not have plans to support ETC trading on GDAX (although we are not philosophically opposed to any particular hard fork or coin). We will continue to monitor the situation and evaluate customer demand for new digital assets to add to the platform.”

However, Coinbase has not definitively said that it will not support ETC, which means that GDAX may still offer ETC support sometime in the future provided the cryptocurrency continues to trade profitably making headlines. On the other hand, the proposed delay in returning the ETCs associated with ETH balance has not been received well by some people in the cryptocurrency community. There are various comments on social media questioning the company’s ethics regarding this decision.

Screen Shot 2016-07-28 at 10.59.03 PM

As soon as Ethereum Classic started trading on Poloniex, there was a surge in trading which drove ETC price through the roof. The new digital asset ETC went on to become the fourth largest cryptocurrency for some time. Currently, Ethereum Classic holds the sixth position in terms of total market capitalization, below Ripple and Litecoin.

Leading cryptocurrency platforms like Kraken and Shapeshift have already expressed interest in including ETC support on their respective exchanges. If Ethereum Classic continues to perform well, then we can expect more platforms to include ETC support in the coming days.

Ref: GDAX Twitter | Reddit | CoinMarketCap |Image: Coinbase
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