Coinbase is adding another cryptocurrency to its platform
- Coinbase announced that it will be adding Ethereum Classic to its platform.
- Ethereum Classic is a digital currency that is the result of a hard fork in the ethereum blockchain.
- Coinbase is emphasizing transparency in the process following allegations that the company's employees benefitted from insider trading when it added bitcoin cash to the platform late last year.
Coinbase has plans to add Ethereum Classic (ETC) to its platform, expanding its offerings to five different digital currencies.
Currently, Coinbase supports bitcoin, litecoin, bitcoin cash, and ethereum.
Ethereum Classic was created as the result of a hard fork in ethereum following a June 2016 hack in a smart complex system called the Decentralized Autonomous Organization.
Coinbase has plans to roll out the process of adding ETC over the next few months. According to a blog post, the company says customers can track the addition of ETC through its pubic-facing APIs. The successful addition of the currency will be followed by a public launch date, Coinbase said.
This emphasis in transparency regarding the addition of ETC is the direct result of allegations that Coinbase staff benefitted from insider trading following the addition of bitcoin cash in December. Coinbase was subsequently hit with a lawsuit that alleges the company's surprise launch of bitcoin cash cost investors around $5 million.
Following the news that ETC would be added to Coinbase, the currency spiked 25% in value.