Coinbase and ShapeShift Help Strengthen ETC

Aug 05, 2016 at 12:40 // News
Nina Lyon

Two more major cryptocurrency exchanges, Coinbase and ShapeShift, have announced their new options that may strengthen Ethereum Classic’s (ETC) position on the cryptocurrency market and increase its price

Coinbase is working on ETC solution

Previously, Coinbase reported that it has no plans to support ETC trading, however, users expressed their rising interest in recovering ETC. And finally, on August 4, Coinbase announced their plans to add ETC credits available to send off-platform soon.

“It is important to us that our customers trust Coinbase to safeguard digital currency assets. Therefore Coinbase customers will be credited the full amount of ETC associated with their account. We are working as swiftly as possible to create a simple process which will allow users to send an ETC credit to an off-platform ETC address of your choosing,” reported Coinbase on its blog.

Ethereum Classic is now being listed across major cryptocurrency exchanges and has every chance of becoming as valuable as ETH. Companies like Coinbase understand it clearly. However, Coinbase notes that customers should avoid sending additional ETC to any Coinbase wallet.

The founder and architect of Safe Exchange and curator of Alt Coin Trading Community, Daniel Dabek commented to CoinIdol:

“This activity supports the ETC existence and makes it clear that an exchange is not exempt from simply deciding to support only one side of a chain, especially in the face of customers’ demands.
Coinbase has yet to enable ETC trading, though I think it is wise that they do so, considering consistent leading trading volumes in the ETC markets.”

ShapeShift to help separate ETH and ETC

A day earlier, the ShapeShift cryptocurrency exchange launched a new tool that should simplify the process of separation of ETH and ETC.

Ethereum Splitter tool should help to protect Ethereum users from fund losses, as many users have addresses with both Ether and Ether Classic coins.

The announcement states:

“Anyone can use the ShapeShift Ethereum Splitter to "clean" their balances so that their Ethereum goes to a clean Ethereum address, and their Ethereum Classic goes to a clean Classic address. Funds can be sent into the splitter from any wallet or exchange.”

ShapeShift Splitter Tool for ETH and ETC

Daniel Dabek commented to CoinIdol:

“When looking from the perspective of an Ether wallet provider, you may not want to offer ETC or add the complexity of ETC to their implementation. Therefore, the service offered by Shapeshift helps Ether wallet providers by simplifying the process of splitting ETC from ETH to receive both balances. This helps prevent people from solely relying on another though more complex and encumbering process such as Poloniex deposit of ETH which then produces the split on your ETH balance which you can then withdraw, however, within quotas.”

According to Daniel Dabek, ETC benefits from this because Ether holders are able to activate their choice for ETC which strengthens its desirability. The Shapeshift splitter also makes it easy to put ETC directly into cold storage.

He continues:

“ETC’s significant rise, and backup from some prominent members of the crypto community such as Charles Hoskinson, former CEO of Ethereum, signals that intermediaries of exchange such as Coinbase and Shapeshift need to remain open minded to customers’ demands, and it appears to be what is happening in the marketplace with the support and distribution of ETC.” 

The recent Ethereum hard-fork divided Ether coin and its community into two strong players on the cryptocurrency market.

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