Coinbase Wallet Welcomes Ethereum Classic: What You Need to Know!

Coinbase Wallet’s Newest Addition: Ethereum Classic

Big news for crypto enthusiasts! Coinbase Wallet, the trusty sidekick of the major U.S. crypto exchange, has officially added support for Ethereum Classic (ETC). This announcement, made on November 27, marks a significant moment for the platform and its users.

What Sparked the Fork?

For those scratching their heads, Ethereum Classic is the offspring of a hard fork from the original Ethereum blockchain, sparked by the infamous DAO hack back in 2016. Like that dramatic Christmas movie where the family splits between two houses, ETC chose a different path, opting to preserve the blockchain’s original state even in the face of major security breaches.

How to Use ETC on Coinbase Wallet

Excited about the addition? You should be! The Coinbase Wallet app will be rolling out updates over the next few days. Here’s what you need to know:

• Once the update is live, users will be able to view, send, and receive ETC directly via their wallet.

• For current Coinbase Wallet users, your ETC address will mirror your existing ETH address. Talk about convenient!

What Else Can You Store?

Coinbase Wallet is not just about ETC. Users can also store, send, and receive Ethereum (ETH) and a whopping “100,000+ ERC20 tokens.” That’s enough digital currency to throw a virtual party with!

Market Buzz: What’s Happening with ETC?

Before you dive into your new ETC adventure, let’s talk numbers. As of now, Ethereum Classic sits comfortably as the 17th largest cryptocurrency by market capitalization, trading at around $4.30. However, it’s faced a little hiccup, experiencing a nearly 8% dip today. Classic crypto market drama, right?

The Ripple Effect of Coinbase’s Listing

In classic cliffhanger fashion, Coinbase first hinted at ETC’s listing back in June, sending its value soaring. And when the listing finally went live in early August, ETC secured its place in the prestigious Coinbase Index Fund. Meanwhile, competitors like Bittrex and Robinhood jumped on the bandwagon, offering their own trading pairs and support for the asset. All this makes for a riveting crypto soap opera!