Cryptocurrency exchange Gemini announced the launch of bitcoin cash (BCH) support and detailed that BCH will be available for trading on the platform this weekend. Bitcoin cash supporters have been waiting for Gemini to list BCH since the fork on Aug. 1, 2017. Beginning Saturday, at 9:30 a.m. EST, customers will be able to deposit bitcoin cash into their Gemini account in order to trade.
Gemini Exchange Adds Bitcoin Cash Support
Bitcoin cash fans found out on Dec. 7 that the New York-based trading platform Gemini was adding BCH to the exchange interface this weekend. It’s been 15 months since the Aug. 1 BCH fork, and proponents have been waiting for what seemed like forever for Gemini to list the coin. The exchange will add bitcoin cash with five trading pairs which include USD, BTC, ETH, LTC, and ZEC. Gemini’s vice president of engineering, Eric Winer, detailed that BCH seeks to “build on the goal of the original Bitcoin and become an electronic cash system.” Furthermore, in light of the recent Nov. 15 hard fork which resulted in a split and the birth of BSV, the company explained that the BCH ticker will be assigned to the ABC side of the fork.
We are pleased to announce that Bitcoin Cash (BCH) is now available on Gemini! On Saturday, we will begin accepting Bitcoin Cash deposits, and trading will open across all currency pairs on Monday. For more information, please visit our blog on @Medium https://t.co/KchBr1wUc3
— Gemini (@Gemini) December 7, 2018
Bitcoin Cash, a fork of the Bitcoin network, was recently forked into two distinct networks and blockchains: Bitcoin ABC and Bitcoin SV — At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH,” detailed Winer’s post.
The engineering executive also noted the company had added replay protection and continued by stating:
Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.
Of course, BCH proponents were pleased to hear that the trading platform was finally adding bitcoin cash. Moreover, on Dec. 6, the bitcoin cash fork BSV jumped ahead of BCH as far as coin market capitalization is concerned. However, since the Gemini announcement, BCH has temporarily reclaimed the fifth position but both assets have been toe-to-toe in price over the last 48 hours.
Gemini’s Winer further detailed that the company worked closely with the New York State Department of Financial Services (NYSDFS) in order to list BCH. Winer and Gemini associates believe the New York company is “the world’s most regulated cryptocurrency exchange and custodian.” Bitcoin cash will also be available to Gemini’s cryptocurrency custody business model which aims to attract institutional investors.
What do you think about Gemini adding bitcoin cash (BCH) to the company’s trading and custody services? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Gemini, Twitter, and Pixabay.
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