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Coinbase: 'Longest Chain' Likely to Decide Ethereum Support
Coinbase reports it is taking a 'wait-and-see' approach in weighing whether it will add support for ether classic to its exchange.
By Pete Rizzo
Updated Apr 10, 2024, 2:37 a.m. Published Jul 27, 2016, 12:24 a.m.
Coinbase, one of the largest ethereum exchanges by volume and the best capitalized business serving the ecosystem, is reporting it has no "near-term plans" to offer support for Ethereum Classic, the alternative version of the ethereum blockchain that has been gaining market traction this week.
Representatives from the San Francisco-based company indicate that the decision extends to both its consumer wallet, as well as GDAX, the digital asset exchange on which it offers trading in both bitcoin and ether.
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The company said:
"In the near term, we’re not planning on adding support for Ethereum Classic."
The startup, which has raised upwards of $100m in venture funding, however, said it is "keeping an eye on" developments as it relates to competition between the two versions of the ethereum blockchain, created over a disagreement over how best to resolve the collapse of a high-profile project called The DAO.
Ethereum Classic has opted to continue maintaining a blockchain history containing transactions that were invalidated on the ethereum blockchain overseen by the majority of developers and voted for by community members.
The statement follows actions taken by major exchanges (including market leaders Poloniex and Kraken) to support the alternative implementation and comes amid growing transaction volume for the digital asset.
Over the last 24 hours, classic ether trading volumes have eclipsed volumes for ether, the native asset on the blockchain network on which Ethereum Classic is based, surpassing $93m amid a 300% rise in value.
As for how it would be measuring the success of Ethereum Classic, representatives said the company would support the "longest chain", or the version of the blockchain containing the most sealed transaction blocks.
"Our guiding light here is that we follow the longest chain, the most popular chain, and that’s what we’re continuing to support," the representatives said.
The company noted it is likely to continue to monitor the situation, and that it will continue to watch how developments unfold in the coming weeks.
The comments are notable as Coinbase has been one of the most vocal supporters of the ethereum platform, adding ether buying and selling to its consumer wallets last week.
Image via Coinbase
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
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