The Ethereum Classic price is in the news lately for soaring more than 20% after the major US cryptocurrency exchange operator Coinbase announced that it would begin rolling out support for ETC later this year.
As the exchange announced on Monday, Ethereum Classic would eventually become the fifth crypto asset to be listed on the firm’s platforms – joining Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Currently, ETC is the 18th largest cryptocurrency with a market cap of $1.6 billion.
According to earlier news, Coinbase revealed that they are pursuing federal registration as a broker-dealer, an alternative trading system (ATS) as well as a registered investment adviser (RIA) hoping to list more security tokens in the future.
Despite its market cap, Ethereum Classic is a logical choice for Coinbase – mostly because the platform is already holding ETC for many of its customers as a byproduct of the Ethereum network split which resulted in the division of ETH and ETC accordingly.
This announcement has made the Ethereum Classic price go up, surging from $12.81 to $16.40 in less than an hour. After the small correction, Ethereum Classic stabilized at $15.16 where it is still trading, making a daily increase of nearly 21%.
Historically, Coinbase has always been picky about the coins that it lists on its platform – which is why only four are available for trading, six years after the firm’s founding. Still, the company has plans to list more assets moving forward and acquiring federal licenses will give more space for the company to list crypto assets without being afraid of securities innovations.
Cobo: The Long-Awaited Chinese Wallet Raises $13 Million In Series A Funding
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors. The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit. We believe Cobo will lead an entirely new user experience for PoS coin holders.”The Cobo Wallet also supports a couple of Proof-of-Work and Delegated-Proof-of-State coins and about 500 tokens. As such, it is proof that despite last year's ban on cryptocurrency trading in China, it did not fail to introduce the domestic (and foreign) markets with a completely new wallet service.
Stablecoins: Could They End The Decentralization?
Binance Is Looking For Ways To Add Stablecoins To Its Platform
"As a whole, we believe things will even out. We will continue to support USDT,"Binance's interest in expanding its stablecoin options predates Tether and its recent break out of the buck. The exchange right now has support for Paxos Standard (PAX) and TrueUSD (TUSD) aside from Tether's USDT support. Right now, Wei said that the Binance research team is evaluating almost all the other stablecoins on the market - with a particular interest for adding the Gemini Dollar (GUSD) backed by the Winklevoss twins.
"Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That's just one use case that we've seen that's different in this part of the world, versus other parts of the world," Zhou concluded while speaking to Binance's recent expansion in Uganda.
Tether (USDT) Moved $610 Million Out Of Circulation This Month
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