Coinbase now permits Bitcoin SV [BSV] withdrawals to external wallets
Coinbase, one of the largest crypto exchanges, has allowed Bitcoin Cash holders before the fork to withdraw Bitcoin SV. Bitcoin SV can now be withdrawn to an external wallet from the Coinbase account.
“Coinbase does not support purchases or sales of BSV, so customers cannot sell their BSV for fiat currency on Coinbase. They may send their BSV balance to an external wallet,” said the company blog.
Bitcoin Cash forked after a disagreement between the community. The fork of Bitcoin again forked into two: Bitcoin ABC and Bitcoin SV. Both forks were engaged in a battle to retain the original Bitcoin Cash name. Bitcoin ABC won the battle as it was accepted by most exchanges as Bitcoin Cash and the coin also climbed to the fourth rank among cryptocurrencies, the original rank of Bitcoin Cash before it forked.
Bitcoin SV withdrawals were not permitted by Coinbase since the fork. The exchange chose to accept Bitcoin ABC as Bitcoin Cash and allowed withdrawals of Bitcoin ABC. However, the Bitcoin Cash clients were unhappy that their Bitcoin SV holdings remained stuck after the fork.
“We will continue to evaluate the safety of the BCH SV chain. Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date. We anticipate this development work will take at least a few weeks but may take longer,” said Coinbase at the time, in response to customer grievances.
Bitcoin SV withdrawals were put on hold since the time of the fork angering Bitcoin Cash clients. Many wrote to Coinbase asking the exchange to initiate Bitcoin SV withdrawals however, the customers were turned down. The exchange failed to provide the clients with a date which further infuriated the Coinbase customers.
With the new announcement, Coinbase has facilitated withdrawals of Bitcoin SV to an external wallet. However, it doesn’t support trading services for Bitcoin SV on their platform.
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