-Bitcoin news, price, information & analysis Over the past few weeks, Ethereum Classic (ETC) hit crypto headlines, as multiple exchanges finally announced fiat-to-crypto support for the popular cryptocurrency. Coinbase’s support for Ethereum Classic has been in the works for a while now, originally announcing that the firm’s engineering team had begun testing implementation in early-June.
Although many Ethereum Classic proponents were over the moon about this proactive step, the San Fransisco-based firm went quiet on ETC’s listing for weeks. But as reported by NewsBTC previously, on August 3rd, Coinbase’s engineering team came out of hiding to reveal that it had entered the “final testing” phase for the support of Coinbase’s 5th crypto asset.
Along with issuing this announcement, the crypto startup also pointed out that August 7th was when it planned to accept incoming ETC deposits on Coinbase Pro, with fully-fledged trading expected to be implemented through a four-stage process just a few days later. August 7th passed, and Coinbase Pro’s four-stage implementation process succeeded, but there were still multiple steps left on the platform’s radar, namely support for Coinbase Consumer (Coinbase.com) and its in-house institutional-focused index fund.
This plan was acknowledged in the original announcement, with the platform citing liquidity concerns as a leading factor to why the asset would not be initially available on all products and services. Over the past 48 hours, the situation surrounding this asset has quickly shifted, with the company introducing ETC support for the Coinbase Index Fund and its consumer-focused platform in rapid succession.
Firstly, the Coinbase Index has been rebalanced to include Ethereum Classic, which now accounts for 0.91% of the index in accordance with the weighted market capitalizations. As such, a Coinbase Index Fund investor will hold a 0.91% stake in Ethereum Classic. Read more from newsbtc.com…
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