Coinbase adding support for Bitcoin Cash!

Cryptocurrency Forum - Aug 3rd 2017

  1. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    As Bitcoin Cash becomes the 3rd largest cryptocurrency, and users threaten to sue Coinbase for their lack of support for Bitcoin Cash, Coinbase has officially announced they intend to support Bitcoin Cash by January 2018! Here's the full, official announcement from Coinbase:

    We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here.

    Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

    When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.

    Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

    In the case of Bitcoin Cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their Bitcoin Cash, we advised them to withdraw their Bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:
    1. Both Bitcoin and Bitcoin Cash remain safely stored on Coinbase.
    2. Customers with balances of Bitcoin at the time of the fork now have an equal quantity of Bitcoin Cash stored by Coinbase.
    3. We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
    Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for Bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

    We are planning to have support for Bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

    Once supported, customers will be able to withdraw Bitcoin Cash. We'll make a determination at a later date about adding trading support. In the meantime, customer Bitcoin Cash will remain safely stored on Coinbase.
     

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