Ethereum Classic Price Surges 20% After Coinbase’s ETC Listing Teaser

The Ethereum Classic price is in the news lately for soaring more than 20% after the major US cryptocurrency exchange operator Coinbase announced that it would begin rolling out support for ETC later this year.

As the exchange announced on Monday, Ethereum Classic would eventually become the fifth crypto asset to be listed on the firm’s platforms – joining Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Currently, ETC is the 18th largest cryptocurrency with a market cap of .
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6 billion.

According to earlier news, Coinbase revealed that they are pursuing federal registration as a broker-dealer, an alternative trading system (ATS) as well as a registered investment adviser (RIA) hoping to list more security tokens in the future.

Despite its market cap, Ethereum Classic is a logical choice for Coinbase – mostly because the platform is already holding ETC for many of its customers as a byproduct of the Ethereum network split which resulted in the division of ETH and ETC accordingly.

This announcement has made the Ethereum Classic price go up, surging from $12.81 to $16.40 in less than an hour. After the small correction, Ethereum Classic stabilized at $15.16 where it is still trading, making a daily increase of nearly 21%.

Historically, Coinbase has always been picky about the coins that it lists on its platform – which is why only four are available for trading, six years after the firm’s founding. Still, the company has plans to list more assets moving forward and acquiring federal licenses will give more space for the company to list crypto assets without being afraid of securities innovations.