Coinbase, one of the biggest names to reckon with in the world of cryptocurrency exchanges, which has been attracting news headlines in the past few days following their lack of support towards the nascent form of Bitcoin Cash has finally taken the call of showing their allegiance towards the same coming year onwards.
Coinbase was apprehensive of the security parameters of this brand new form of cryptocurrency, Bitcoin Cash, which forced them to steer clear from the 1st August fork. Other than implicating a ban on Bitcoin cash trading it also gained negative publicity with its announcement of not allowing customers holding Bitcoin to transfer the same into equivalent amount of Bitcoin Cash following the splitting of Bitcoin on August 1 2017. This forced a large number of customers to shift base into other exchanges and secured wallets.
However off late this premier digital currency company founded by Airbnb engineer Brian Armstrong has affected a major change in its stance by informing customers via email about its forthcoming introduction of Bitcoin cash from 1st January 2018. Once their support becomes fully operational, customers will be able to withdraw equivalent amount of Bitcoin Cash from the trading platform which is also set to add trading support at a later date. In this way they will be able to gauge market sentiments before roll forwarding their trading sphere.
This sudden change of plans of Coinbase can be largely related to loss of client base some of whom even threatened to take legal recourse against Coinbase. According to the estimation of an analytics firm, this infamous event caused the cold storage reserves of Coinbase to drop down to exact half in comparison to the level prior to mass exodus. However the investors who had parked their money with Coinbase were all praises for its decision with the expectation of greater transparency and security from a holistic level.
(Also Read: Coinbase delayed Bitcoin Withdrawals upto 12 Hours, Users Frustated)
Bitcoin Cash has already garnered the crown of being the world’s third largest cryptocurrency with a market cap of $7 billion. Some Community member believe Bitcoin Cash has a good future if supported by positive factors Coinbase plans to be extremely conservative in welcoming the new form of currency in their exchange which presently facilitates trading in Bitcoin, Ethereum, and Litecoin.
Zebpay, one of the leading Bitcoin Exchanges in India also announced that “all users who had bitcoins with Zebpay as on 1st August before the fork, will get equivalent Bitcoin Cash”.
Though the exact detes are not out, Zebpay says “we need more time to figure out how to take care of this technically, how to actually give users the delivery of Bitcoin Cash”.
Zebpay also assures the users to carry on the Bitcoin transactions and need not to worry about Bitcoin Cash balances.
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