The Ethereum Classic (ETC/USD) has surged more than 20% in today’s trading, following news that Coinbase is working adding support for the cryptocurrency.
The largest US cryptocurrency exchange operator announced today that it intended to add support for the top 20 digital currency in the coming months. Coinbase explained in a blog post that it would begin the engineering work for Supporting ETC, which it described as “step 4” of its process for adding new crypto assets.
“As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added,” the company wrote in a blog post. “When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).”
The company also said that Ethereum Classic would be supported across most of its products, including Coinbase Pro – formerly known as GAX – Custody, Markets and Prime. However, the digital coin would not be added to Coinbase’s wallet service straight away, as the company wants to evaluate factors such as “liquidity, price stability, and other market health metrics” first.
Perhaps more importantly, the company said that Coinbase Pro users “who had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit”.
The Ethereum Classic price jumped by more than 25% after the announcement, reaching a one-week high of $16.21 in the morning session. The coin has since retreated lower levels, but it is still trading significantly higher than yesterday’s close of $12.92.
As of 14:36 BST, the Ethereum price stood at $15.14, up 18.1% from the same time yesterday. The coin’s total market cap currently stands at $1.5 billion.