After months of speculation over what Coinbase will list next, the crypto-broken and exchange has surprised everyone by stating:
“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”
Why exactly ETC was picked over some 1,500 other coins and projects, they do not say, with some suggesting it is merely because it is the easiest to integrate as they probably already had the infrastructure for it following the 2016 fork.
So making the near future listings on Coinbase be: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. Leading some to joke Bitcoin Gold or Litecoin Cash might be next as this listing process appears to be somewhat arbitrary.
However, looking at it a bit closer, it does make some sense under some assumptions. Firstly, they apparently do not like Ripple (XRP) very much. Nor EOS. So if we go through the list after litecoin, maybe the choice was obvious all along:
Stellar, of course, is just a clone of Ripple. Cardano is not even out yet. IOTA has been criticized for cooking its own crypto. Tron is not out yet. Neo hasn’t had much attention for some time.
Tether is of course Tether. Dash and Monero were ordered to be delisted by the Japanese Financial Services Authority. NEM is some sort of private blockchain that can be viewed publicly. VeChain is Qtum’s chain if we recall correctly, some supply chains focused project. Obviously they’re not going to list Binance Coin.
So maybe they did not have much option, if, obviously, we discard all the other options. Plus ETC is seeing some use, more than BCH or LTC:
Yet the project is, in many ways, not interesting. It is basically an ETH clone, but without the very capable eth devs, without a clear roadmap for scalability, without a dapps ecosystem, without really anything.
So why skip all the others and not skip ETC, is a question many are asking. The only viable answer that would make sense might be that they think ETC has some longer term standing power, but the project has been going down and down the ranks.
Making this a very curious choice. And since they are not a publicly traded company, making their real decision making process very much obscure.
The announcement does however coincide with Binance listing ETC/USDT. Price responded immediately. Spot the timing of the Coinbase announcement:
Price jumped some 33% within 50 minutes, to then somewhat calm down and not quite see a similar jump when Europe woke up. America was very much asleep at the time too.
All that suggests, at least for now, the market isn’t amused, but confused. ETC never really had any passionate following. That might not change much because ETC is just a clone.
Had this instead been a proper project, including dare we say XRP which at least can claim to be different, the action might have been more continuous.
All this goes to show Coinbase desperately needs competition as without some market option to keep them in check, they might start becoming far too complacent.