There are reasons why many digital coins dream of being listed on Coinbase and the magic can be traced back to the listing of Ethereum Classic (ETC) on the platform just a month ago. The controversial listing that left bigger coins including Ripple (XRP) in the cold has seen increased adoption of the Ethereum forked outfit.
The controversy surrounding the listing brought the less known coin into the limelight. With many investors looking at the price first when investing on virtual currencies, it appears the coin is offering a better value proposition that most coins at the moment. Many had written off the coin prior to its listing and are now coming back to tap into its potential.
Coinbase Role in the Crypto Verse
What makes Coinbase an instant hit for listed coins is its market reputation; it is a fully regulated outfit that is trusted by many investors and it has a global reach. It also plays host to most major digital currencies and has been endorse by the American authorities.
With strict crypto exchange restrictions in the US, there are only two exchanges of repute; Coinbase and Gemini and any coin that gets listed on the two has an upper hand in making inroads into the US digital coin market. The Ethereum Classic enthusiast sigh of relieve seems to be bearing fruits barely a month after the listing.
AS per available historical data, at the time of listing Ethereum Classic (ETC) was trading slightly above the $12 to the green buck. With the market still in the dogs, the coin has managed to move up and trade at $16 which is a drop from last week’s $18. Interestingly, the coin traction has gone up by over $600million during the same period.
What Is the Coinbase Golden Miracle for Ethereum Classic Listings?
One thing that sets Coinbase apart from its competition is its housekeeping rules. Coin those do not meet the threshold are locked out irrespective of their market influence. The exchange has its policy for new coins that need to be added on its portfolio. The legal standing, long term value proposition and future adoption prospects are some of the conditions to be met before getting a listing nod.
the listing on Coinbase got support from the Thai Securities and Exchange Commission after listing ETC among coins that can support ICO’s being launched in the country. The addition of ETC on Thailand Fundstradt 10 Index marked a turning point as this a price tracking platform that determines digital coins’ viability for large scale investors.
Increasing Ethereum Classic (ETC) Interest
It has to be remembered that Ethereum Classic forked from Ethereum and the new outfit appeared not to have a vision. However, it is now emerging that the platform is far much superior to the original blockchain. It is set to become a dApp platform of choice with the mother network battling with smart contract vulnerabilities.
Ethereum took the larger community leaving Ethereum Classic with loyal sympathizer who have since grown their subscriber base to where it is today. The new outfit is set to adopt the Lisk (LSK) infrastructure of side-chain which enables the main chain to make fast transactions at lower fees. This will help the platform overcome the scalability ghost that keeps haunting its mother ecosystem.
Cryptocurrency and related products consumers are getting accustomed to fast transactions at lowers costs and this is one reason why Ethereum Classic (ETC) is set to scale the heights leaving Ethereum to grapple with its rising transaction costs.