Gemini to List Bitcoin Cash With NYDFS Approval

Gemini crypto exchange owned by the Winklevoss, is set to add support for bitcoin cash (BSC).

This firm made the announcement on Friday, it said it is supporting the fork of bitcoin cash based on the Bitcoin ABC roadmap, and not the alternative version, “Satoshi’s Vision” (SV). The difference arises after a controversial hard fork last month when the bitcoin cash network split into two different and competing blockchains with their own tokens.

More so, in order to ensure that transactions are only valid on the one network, the exchange added replay protection.

According to Engineering VP Eric Winer, “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,” he added.

Gemini added that the New York State Department of Financial Services (NYDFS) has approved the bitcoin cash listing,  which allows them to offer both trading and custody services to its customers in the state. 

This development would see customers able to deposit bitcoin cash into their accounts starting from 14:30 UTC on Saturday, with trading support starting on Monday at 18:00 UTC.

The exchange is offering BCH trading pairs with U.S. dollars, bitcoin, et U.S. dollars, bitcoin, ether, litecoin and zcash.

Gemini is now one of the numerous exchanges listing bitcoin cash ABC as bitcoin cash, including Kraken and Coinbase, while Poloniex still lists ABC and SV as separate coins.

It would be recalled that founders Cameron and Tyler Winklevos made the announcement to add bitcoin cash before the hard fork, and also cited litecoin as a potential addition. 

Comments (No)

Leave a Reply

Home | About us | Privacy Policy | Terms and Conditions | Advertise | Submit Post