Jaxx Wallet announced today that Apple approved ETC for their iOS wallet. Apple had initially rejected ETC on the Jaxx Wallet but had a change of heart. Fundamentals such as community demand, a growing ecosystem and perhaps even Microsoft sponsoring a Classic meetup may have contributed to the change.
Jaxx is a popular cryptocurrency wallet that can be used on multiple devices such as phones, tablets and computers. Their wallets are hierarchical deterministic, which means that private keys are randomly generated from a word based seed. This allows users to restore wallets in case they lose their device.
Jaxx was founded by Anthony Di lorio, a blockchain consultant and co-founder of Ethereum. Jaxx wallets don’t require trusting your money with a third party because private keys are encrypted and stored locally on the client side and never on servers.
A Potential Boost for Ethereum Classic
Allowing Apple users to easily store and use ETC may give it a slight boost in user adoption. Apple reports that it has around 1 billion devices being actively used around the world. iTunes doesn’t display the exact amount of downloads for Jaxx but the Google play store shows it was downloaded 10K times for Android devices.
Quick access and ease of use are important elements for boosting crypto user adoption. Most people carry smart phones, which makes crypto wallets easy to use. That said, long term savings are generally best kept offline on cold storage wallets.
The price of ETC had a quick 4% increase once the news broke. Overall, the ETC markets have been in a long consolidation pattern. The price keeps testing and bouncing off the 0.0019 support area.
Although the markets have been uneventful lately, ETC still manages to stay in the top six for altcoin trading volume. Buy support on Poloniex usually averages around 1000 BTC.
It appears that ETC may be in an accumulation phase while the price is still cheap. Classic has several possible news events in the future that may help trigger another bull cycle.