Cryptocurrency Ethereum Classic Soars on Coinbase Listing Plan

(Bloomberg) -- Ethereum Classic, an offshoot of the second-biggest cryptocurrency, soared as much as 22 percent after the digital exchange Coinbase Inc. said it will begin trading the virtual token in the next few months.

Engineering work for supporting the cryptocurrency will now begin, Coinbase said in a blog post. The San Francisco-based company noted that customers can expect to see public-facing software applications and other signs that the asset is being added.

Once the “market reaches sufficient liquidity, we will then enable trading," Coinbase said. Ethereum Classic support will be offered in "all geographies where the asset is compliant with local law."

Ethereum Classic was the 18th-largest cryptocurrency with a market value of about $1.56 billion, according to data from CoinMarketCap.

To contact the reporter on this story: Janine Wolf in New York at jwolf71@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Brendan Walsh

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