2Chains: Coinbase May Support Both Bitcoin Cash (BCH) Chains

Voyager
Voyager

Last week, we reported that San Francisco-based Coinbase would be supporting the upcoming Bitcoin Cash (BCH) hard fork that is scheduled to take place on November 15.

However, early this morning, Coinbase published an update before Thursday’s fork, emphasizing that it will be supporting both chains, as long as they are viable. While this idea was floated earlier, recent developments in the pre-fork activity between Amaury S√©chet’s¬†Bitcoin ABC¬†and Craig Wright’s¬†nChain,¬†specifically the mining support gained by Wright’s BCHSV, have prompted further preparation by the exchange.

Ultimately, what this means for investors, is the chance to double their Bitcoin Cash holdings simply by keeping their BCH on Coinbase through the fork. This would require both chains to be viable moving forward, which is a big question mark at this time.

“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00 AM (PST) on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime,” states Coinbase, which notes that there is no timeline for the reinstatement of trading, as the company will be playing it by ear.

BCH is now trading for $430.76, giving the Bitcoin fork a $7.53 billion market cap and making it the 4th largest cryptocurrency in the AltDex 100 Index (ALT100), a benchmark index for large-cap coins and tokens.

More: What to Expect During the Bitcoin Cash Hard Fork

Disclaimer: This article’s author has cryptocurrency holdings that can be¬†tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts