Winklevoss-owned Gemini announces support for Bitcoin Cash [BCH], gets NYDFS approval
One of the upcoming names in the cryptocurrency arena, the Winklevoss-owned Gemini crypto exchange and custodian announced on Friday that it is adding support for Bitcoin Cash (BCH). The startup made this announcement via a Medium blog on Friday.
The blog adds that beginning Saturday, December 8th at 9:30 am ET users will be able to deposit Bitcoin Cash into their Gemini account. Trading is scheduled to begin on Monday, December 10th at 1 pm ET. The addition of Bitcoin Cash makes it the fifth digital asset available on the Gemini platform, joining Bitcoin, Ether, Litecoin, and Zcash.
Bitcoin Cash was formed as a result of a fork of the Bitcoin network and last month on November 15, Bitcoin Cash was forked and it resulted in two separate blockchains—Bitcoin ABC and Bitcoin SV. Initially, the exchange is going to support only Bitcoin ABC network and not the ‘Satoshi’s Vision’ (SV) and it will be referring to it as Bitcoin Cash with the BCH ticker.
Gemini has also added replay functionality to protect all BCH withdrawals from the Gemini platform and it will also ensure that transactions are only valid on the Bitcoin ABC blockchain.
“Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable,” the blog adds.
The blog further notes that the crypto exchange has worked closely with the New York State Department of Financial Services (NYDFS) to get a green light to offer Bitcoin Cash trading services and custody services for our customers and this gives it a token of authenticity and trust.
Gemini is not the only one that has listed Bitcoin Cash ABC as Bitcoin Cash. It joins a number of other big players like Kraken and Coinbase, while Poloniex still lists ABC and SV as separate coins.
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