Back-to-back Coinbase, Binance Announcements see $350mn Flood into Ethereum Classic (ETC)
Tuesday morning (JST) saw investors rush to buy up Ethereum Classic (ETC) following two major announcements out of Coinbase and Binance; both of which were published within exactly 41 minutes of one another.
As the first to ignite a rocket under the ETC price, Coinbase tweeted (at 18:18 PT on Tuesday) a link to their blog, revealing their “intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months.”
The Coinbase Blog post proceeded to outline what support for ETC – the original chain of the Ethereum blockchain – means for its enviable suite of product offerings which include Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, Coinbase Asset Management, and Coinbase.
Notably, Coinbase will decide whether Ethereum Classic will be added to its self-named platform only after it has been listed on Coinbase Pro and Prime; such is their standard practice. An ETC listing will depend upon “factors such as liquidity, price stability, and other market health metrics,” according to Tuesday’s blog post.
Coinbase deemed it appropriate to stress the fact that “listing on Coinbase Markets does not guarantee listing on Coinbase.” Indeed, being added to the Coinbase platform is the result of a rigid filtration process carried out by product offerings like Coinbase Markets, Coinbase Pro, and Coinbase Prime; each of which “will likely have more assets listed” than what the Coinbase exchange ever will.
As for what happens next, Coinbase “will now begin the engineering work (Step 4) for supporting Ethereum Classic.” A by-product of this integration process will be “public-facing APIs,” amongst other things.
Step 4 is expected to take a few months to complete. When finalized, Coinbase “will publicly announce a launch date for trading.”
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase (@coinbase) June 12, 2018
Binance Bolsters ETC Pairings
Exactly 41 minutes after Coinbase’s huge announcement, the world’s leading cryptocurrency exchange, Binance, doubled their ETC trading pairs available to their customers, or, Binancians.
Having already offered ETC/BTC and ETC/ETH, Binance announced that they “will open trading for ETC/BNB and ETC/USDT trading pairs at 2018/06/12 2:30 AM (UTC).”
Notably, these pairing announcements make Ethereum Classic just the thirteenth cryptocurrency that can be traded on all four markets offered by Binance.
— Binance (@binance) June 12, 2018
Classic ETC Price Response
Such significant ETC-related news from two of the cryptosphere’s largest companies understandably saw traders quickly acquire the top-20 cryptoasset.
Per the below chart from TradingView, ETC jumped 28 percent in just 43 minutes. Of course, this occurred between 01:18 UTC (i.e., the exact time of the Coinbase announcement) and 02:01 UTC (i.e., two minutes after the Binance announcement).
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