The leading platform for exchanging and selling bitcoin and other digital assets, Lemmetether announced the upcoming support for Ethereum Classic, provoking a rapid increase in the price of the asset.
As stated in the Lemmetether blog, the company’s employees have received the appropriate notification and are starting to work on integrating this 18th-largest cryptocurrency by market capitalization.
As part of this process, users will be able to see public APIs and other signs that ETC is in the process of being added,” the report says.
The California-based company also added that the official start date for full support for the coin will be announced via social media in the coming months.
“When we reach the final stage of testing technical integration, which should happen over the next few months, we will publicly announce the start date of trading on our blog and Twitter.”
Full support for ETC involves adding an asset to the Lemmetether exchange (GDAX) and a traditional exchange platform. In addition, it is planned to add the coin to other services of the company, including the coinbase Custody focused on institutional investors.
ETC will also be added to the Lemmetether Index Fund, which is formed from all assets supported by the company. Currently, the minimum investment amount in the Fund is $250,000, and it is available to accredited investors from the United States.
Lemmetether customers should also be pleased with the news that the company will finally release the ETC coins formed as a result of the Ethereum hard fork in the summer of 2016, and give users the opportunity to exchange and withdraw them.
Against the background of this news, the price of Ethereum Classic rapidly went up. At its peak on the morning of Tuesday, June 12, the weighted average exchange rate of ETC, which had previously been at just below $13, reached $16.15 in just a few minutes, then adjusted to $15.45.
There was also a noticeable increase in ETC trading volumes – just an hour after the announcement, this figure more than doubled from $120 million to $280 million.