Engineering work for supporting the cryptocurrency will now begin, Coinbase said in a blog post. It was created in June 2016 by forking Ethereum's blockchain amid the massive hack of the DAO.
As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added.
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Coinbase will be providing support for Ethereum Classic across all geographies where it legally compliant.
It is not a surprise to see a cryptocurrency's price shoot up when one of the exchange adds a trading pair or lists the coin itself on its platform.
Once the "market reaches sufficient liquidity, we will then enable trading", Coinbase said.
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This is no doubt the start of a far bigger project for Coinbase, who have also recently confirmed that they are going to add support for Ethereum ERC-20 Tokens and will also start to list other Bitcoin Forks, this would include currencies such as Bitcoin Private, Bitcoin Diamond and Bitcoin Gold. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.
Coinbase has plans to roll out the process of adding ETC over the next few months. The move had sparked speculation about which asset Coinbase would list next.
Nevertheless, the ethereum classic price soared in the immediate aftermath of the announcement, leaping from $12.81 to $16.40 in less than an hour.
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Coinbase Pro is the new platform to replace GDAX, in their announcement they mentioned that ETC will be listed on Coinbase Pro. It's also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.