The Digital Asset Exchange Huobi Pro Provides Users With Fork Plans
Huobi the cryptocurrency exchange based in China announced its Segwit2x contingency plans for the firm’s trading platform Huobi Pro. The exchange details that it plans to support all the tokens that derive from the planned Segwit2x hard fork.
Also read: JP Morgan Boss Can’t Stop Talking About Bitcoin — Calls Investors “Stupid”
Huobi Pro Will Support All Coins Deriving from the Segwit2x Hard Fork
On October 17 the trading platform Huobi Pro revealed its decision-making process concerning the upcoming fork scheduled for mid-November. The company says it remains dedicated to providing first-class digital asset trading services, and dealing with forks is no different.
“Huobi Pro does not have the right to pick and choose any coins deriving from bitcoin Segwit2x hark fork on behalf of our users,” explains the trading platform.
Therefore, Huobi Pro will support all coins deriving from bitcoin Segwit2x hard fork and our users have the options to choose which coins to trade.
Segwit2x Futures, and the Platform’s Deposit and Withdrawal Suspensions
However, Huobi does have plans for how it will handle the fork before, during and after the proposed consensus change. The exchange is offering futures as Huobi Pro plans to list BT1/BTC and BT2/BTC trading pairs at 12:00 PM, (GMT+8) on October 19. With the hard fork taking place in mid-November at block height 494784, Huobi details it will be suspending deposits and withdrawals for a period of up to three days. The exchange says this is to ensure risks such as replay attacks and network instability do not effect its user base.
“Huobi Pro will enable BT1 and BT2 deposit and withdrawal services soon after the hard fork,” explains the exchange.
Renaming the Split Tokens Will Take Place After the Fork
Further, if the hard fork is successful Huobi plans to rename the new chain split coin and reward customers with that token at a ratio of 1:1. The platform will then resume trading pairs against BTC, and the chain split token will also be paired with BTC. If the fork fails, Huobi will cease actively trading BT1 and BT2 futures tokens.
“If your bitcoins are stored on trading platforms that do not support the Segwit2x chain split coins, or you are using wallet without anti-replay attack function, we strongly suggest you deposit bitcoins to Huobi Pro and we will handle all resulting technical issues related to the bitcoin Segwit2x hard fork and reward you with the corresponding digital asset,” Houbi Pro tells its customers.
The company also emphasizes that digital assets are risky and come with price volatility. Split tokens being new are subject to extreme price swings and could become worthless, Huobi states. “Before investing, please have a full understanding of all the risks of investing in digital assets and be prudent of your own investment decisions,” the digital asset exchange notes.
What do you think about Huobi Pro’s Segwit2x plan for this November? Let us know what you think in the comments below.
Images via Shutterstock, and Huobi Pro.
Need to calculate your bitcoin holdings? Check our tools section.