25% Rise Surfacing for Ethereum Classic

After the news regarding its inclusion in the Coinbase’s trading options became public, the price of the popular crypto-currency, Ethereum Classic has seen a rise of almost 25% on Tuesday. Ethereum classic was forked off the Ethereum blockchain in the month of July 2016.

It was announced in a blog post by the US cryptocurrency exchange on Tuesday that they have initiated the engineering work on its platform to integrate Ethereum Classic and the service shall be live in the upcoming months.

After Coinbase initially released a tweet regarding the announcement around 01:18 UTC, the data from CoinMarketCap revealed that the price for the Ethereum Classic witnessed a jump of almost 25% by 01:30 UTC on Tuesday.

To the surprise of many, the news came just a few months after Coinbase had reiterated in the month of January and then in March, that they have not taken any decision regarding the addition of new assets to their trading options. At that time the company representative had said that “The internal asset selection committee has been assessing assets using our Digital Asset Framework, but no assets have been recommended to the Coinbase executive team.”

Coinbase has still not given any reasoning for the sudden change in the thinking of its asset selection committee that led to the inclusion of Ethereum Classic in its trading options. It must be noted that the decision from Coinbase’s asset selection committee to add Ethereum Classic came when a few people were questioning their working methods as “random, if not altogether dubious.”

As per a report by Coindesk, the main reason behind comments casting apprehensions regarding the working of Coinbase asset selection committee was due to the fact that Coinbase added support for Bitcoin cash, within a few months of the crypto-currency being formed out of a hard fork from the Bitcoin blockchain. But at that time, Coinbase had not added Ethereum Classic even after a year had passed since the crypto-currency was formed out of a hard fork from Ethereum network.