Coinbase Begins Taking Ethereum Classic Deposits, Raises Buy Limit to $25,000

Coinbase Begins Taking Ethereum Classic Deposits, Raises Buy Limit to $25,000

Its been a tough week for most cryptocurrency investors, as the groundbreaking news that the worlds largest stock exchange operator is launching a bitcoin market failed to translate into bullish price movement. For ethereum classic supporters, however, the week could not have gone much better.

Coinbase Pro Begins Taking Ethereum Classic Deposits

Over the past two days, ethereum classic has been listed on two of the most prominent cryptocurrency trading platforms.

Yesterday, as CCN reported, ethereum classic became the sixth cryptocurrency listed on stock trading app Robinhood, whose crypto trading service is now available in 19 U.S. states.

Earlier today, ethereum classic marked another milestone, as industry giant Coinbase began accepting ETC deposits on Coinbase Pro (formerly GDAX), its order-book cryptocurrency exchange, with trading against both USD and other cryptoassets slated to commence later in the week.

Ethereum classic is not yet available through the firms eponymous brokerage service, though it will presumably be listed once the market stabilizes on Coinbase Pro.


The two announcements have spurred a significant ETC price rally. Over the past week, ethereum classic has risen in value by more than 11 percent against the U.S. dollar, making it not only the top performer among coins with market caps in excess of $1 billion but also the only large-cap cryptocurrency to see positive price action over this period.

At present, ethereum classic is trading at a global average of $18.59, which provides it with a $1.9 billion market cap and ranks it as the 12th-largest cryptocurrency.

Coinbase Raises Daily Buy Limit, Nixes 5-Day Waiting Period

Also on Tuesday, Coinbase rolled out several improvements to its brokerage platform. First, the company raised the default daily buy limits for Coinbase users to $25,000, a seven-fold increase over the previous maximum, and eliminated buy and sell limits for wire transfers.

Perhaps even more significantly, Coinbase will now allow users to begin trading cryptocurrency immediately following a purchase. Previously, users had to wait for the bank transfer to settle before receiving their funds, a process that could take up to five business days. Now, users will be able to trade those funds immediately, though they will not be able to transfer them into an external wallet until the bank transfer clears.

This latter update is particularly notable since it brings Coinbases settlement policy in line with that of its major cryptocurrency brokerage competitors Robinhood, Circle Invest, and Squares Cash App all of whom make funds available for trading immediately after the purchase.

Coinbase President and COO Asiff Hirji lauded the move, calling it a meaningful improvement for the firms customers.

Featured Image from Shutterstock


Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
07.08.2018 / 15:30 14
Coinbase Pro Now Supports Ethereum Classic (ETC) Coinbase Pro Now Supports Ethereum
The hypesurrounding Coinbases upcoming Ethereum Classic (ETC) listing has continued, with Coinbases so-called Pro platform recently announcing
Ethereum Classic Becomes the 6th Cryptocurrency Listed on Robinhood Crypto Ethereum Classic Becomes the 6th
Stock trading app Robinhood has made ethereum classic (ETC) the sixth cryptocurrency listed on its recently-launched crypto trading platform. The
Coinbase Announces Final Testing Ahead of Ethereum Classic Listing Coinbase Announces Final Testing Ahead
Coinbase has announced that it is in the final stages of testing support for ethereum classic (ETC) as it prepares to offer support for the
Ethereum Classic Price Soars 20 Percent after Coinbase Teases ETC Listing Ethereum Classic Price Soars 20 Percent
The ethereum classic price rose by more than 20 percent after US cryptocurrency exchange operator Coinbase announced that it would begin rolling out
Coinbase Adding Support for Ethereum Classic In The Coming Months Coinbase Adding Support for Ethereum
Coinbase, the largest cryptocurrency exchange in the United States in terms of trading volume, has announced its intention to add support for
Ethereum Classic Price Surges 20% as Coinbase Integrates ETC Ethereum Classic Price Surges 20% as
Coinbase has unexpectedly announced on its home blog and through twitter that it will be integrating Ethereum Classic over the next few months to be
Comments (0)
Add a comment
Comment on