Fresh Coinbase Additions: Ethereum Classic and Crypto Index Fund, Blockchain ICO News Bitcoin-Altcoin
Coinbase predominated headlines across the space this week with a pair of significant developments. The San Francisco–based exchange announced on Monday, June 11, its intention to add Ethereum Classic to its trading toneel and then quickly followed the news on Tuesday with the official opening of a crypto index fund.
Its addition to the exchange has revamped public rente te Ethereum Classic and sent the price of its native currency, ETC, into a dramatic state of flux.
Te May of , The DAO, a decentralized autonomous organization and venture caudal fund, raised a sum of $150 million for investment te wise contract projects built on the Ethereum blockchain. It wasgoed, at the time, the largest crowdfunded project everzwijn created.
On June Legitimate, , hackers successfully exploited a weakness te the splitting function of the protocol that permitted for the extraction of ether from numerous DAO wise contracts while utilizing the same DAO tokens. The end result wasgoed a theft of Three.6 million ether that wasgoed worth harshly $70 million.
Debate arose within the Ethereum community regarding a decent response to the attack. After a failed soft fork, a vote te July concluded that a hard fork would be instituted to erase the DAO hack by placing the compromised ETH ter a fresh brainy contract that would then be used to redistribute the funds to their diferente owners. The decision, tho’ approved by a super majority of 89 procent, wasgoed enormously controversial. Anti-forkers contended that albeit the DAO hack wasgoed unfortunate, code is law. All transactions are innately immutable and should remain free from modification or censorship, regardless of the justification.
When the hard fork wasgoed implemented on July 20, during the mining of the 1,920,000th block, some dissenters continued to support the llamativo ledger and thus created what is now known spil Ethereum Classic (ETC).
The Addition of ETC to Coinbase
On Monday, via blog and Twitter, Coinbase announced that during the coming months it intends to add support for Ethereum Classic (ETC) to its exchange podium. The currency will join bitcoin (BTC), ether (ETH), litecoin (LTE) and bitcoin metselspecie (BCH) spil the fifth digital currency supported by the largest U.S.-based crypto exchange.
Since its inception ter June of 2012, Coinbase has worked to distinguish itself spil the most secure and legitimate of the major crypto exchanges. Despite operating te a space where rapidity of technical development is strongly valued, Coinbase has fostered a cautious treatment to expansion, priding itself on a method that is both meticulous and methodical.
The integration of alternative coins into the Coinbase podium has, by industry standards, progressed at a crawling tempo. The very first expansion of its trading portfolio wasgoed launched te May of , when it included support ether (ETH). Support for its third currency, litecoin (LTE), wasgoed not released until the following May, while its most latest addition, bitcoin contant (BCH), wasgoed only added this past December.
Ter each case, Coinbase has followed a systematic prep process, a trend that will proceed with the addition of Ethereum Classic. Via the Coinbase blog:
Wij will now start the engineering work (Step Four) for supporting Ethereum Classic. Spil part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When wij reach the final testing phase of the technical integration, which wij expect to occur overheen the next few months, wij will publicly announce a launch date for trading via our blog and Twitter (Step Five).
When the final stage of technical integration is reached, Coinbase will announce the date on which its prime and professional customs can start placing limited orders of ETC. When this resting market reaches sufficient liquidity, live trading will commence on the open toneelpodium.
The announcement also went on to reassure its GDAX customers who held ether prior to the July hard fork that they would receive Ethereum Classic credits merienda trading is launched. However, this distribution does not apply to the Coinbase customer interface spil it did not support Ethereum at the time of the fork.
The market response has bot mixed. The very first five hours of trading after the announcement eyed the price of ETC soar 25 procent from $12.88 to $16.11. Since this peak, the price has experienced a veelbewogen rail, crossing the $13.50 mark four times before lodging at $13.79 at the time of writing of this article.
The Index Fund
On the high-heeled shoes of this news, Coinbase reported yesterday that its crypto index fund, very first announced back ter early March, is now open for investment. An index is “a measurement of the financial spectacle of a defined group of assets” while an index fund is the investment voertuig that tracks and grants comebacks based on that index.
Ter this case, the fund will be comprised of all of the assets presently supported by Coinbase, divided proportionally to their market capitalization. The current composition of the fund is spil goes after: Bitcoin 61.47%, Ethereum 27.17%, Bitcoin Contant 8.22% and Litecoin Trio.14%. When Ethereum Classic is officially added to the verhoging zometeen this year, the fund’s composition will be altered to account for ETC’s extra market cap, which spil of today sits at just overheen $1.Four billion.
The index fund is limited to accredited U.S. residents with a required ondergrens stake of $250,000 and will be subject to a Two procent annual management toverfee. The investment window will open on a monthly voet while the redemption window will be available quarterly requiring a 30-day notice for withdrawal.
This article originally appeared on Bitcoin Tijdschrift.