Will Coinbase Have Enough of an ETC Supply To Honor Its Promise?

The saga between Ethereum and Coinbase is far from over by the look of things. The exchange has finally announced they will make ETC coins available to Ethereum holders on the platform. It is anybody’s guess as to what took them so long, as they were one of the few exchange snot taking this step just yet.

The Long Wait Is Almost Over for Coinbase Users

For quite some time, Ethereum holders on the Coinbase exchange platform were not able to get their Ethereum Classic tokens. It was possible to retrieve said funds if they transferred the Coinbase balance to one of the many exchanges officially supporting Ethereum Classic. Coinbase was the only exception as far as major non-Chinese exchanges are concerned.

That situation will come to change very soon, as a new blog post from the exchange indicates ETC credits will be made available shortly Do not be mistaken in thinking this means the company will support Ethereum Classic in an officially capacity, though, as users will not be table to exchange these credits directly.

“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.”

It will be interesting to see how Coinbase decides to tackle this problem, though. Ethereum buyers have been able to get free ETC from buying ETH on the exchange platform for several days. Since all of these Ethereum purchases occurred through funds in cold storage, Coinbase must have kept close records to determine who owns how many ETC exactly.

Then again, with so many funds being moved out of cold storage and used for new clients, the bigger question is where Coinbase will get their ETC supply from. It is unclear if the company has kept all of the tokens associated with funds kept in cold storage, as one pre-fork ETH is eligible for one ETC, and not two. Some people are speculating the exchange may need to buy back ETC from other exchanges to fulfill their promise to customers.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.