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Gemini adds cash support for Bitcoin
Starting today, Gemini platform users with twin head Winklevoss and Winklevoss will be able to deposit Bitcoin Cash (BCH), the chain supported by the ABC client. This development comes through an official statement from the New York company, published in Medium on Thursday morning.
We are pleased to announce that Bitcoin Cash (BCH) is now available on Gemini! On Saturday, we will start accepting Bitcoin Cash deposits and trading will open on all currency pairs on Monday. For more information, please visit our blog on @Medio https://t.co/KchBr1wUc3
– Gemini (@Gemini) December 7, 2018
According to the announcement, trading for BCH will begin on Monday 10 December, while custody services for the popular altcoin have already started. BCH is now the fifth cryptographic resource listed on Gemini, now an even more exclusive exchange of Coinbase when it comes to listings. BCH joins Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and ZCash (ZEC), the latter of which was recently added to Coinbase in a surprising turn of events.
BCH's trading on Gemini was first announced in May, after the startup had received approval from the New York Financial Services Department (NYDFS), but the Winklevoss Twins were tasked with delaying the launch of activity due to the fork.
At the end of the announcement, Gemini claimed that the addition of BCH is in line with the basic mission of the startup. It was explained by Eric Winer, vice president of the platform engineering division:
"We are excited to add this cryptocurrency to the Gemini platform – the world's most regulated cryptocurrency exchange and custodian.We are proud to offer our customers a safe, secure and compliant method to buy, sell and store cryptocurrency while we build future of money. "
Abra reactivates BCH trading
Just a few days before the surprising announcement of Gemini, the US crypt platform Abra, often touted as a coinbase and participant in the Circle, has also made an announcement about the BCH, but in a different context.
Through a post on the official corporate blog, the Mountain View startup first noted that before November 14, the fixed fork, suspended its internal BCH-centric services. But starting from last Monday, the deposit, withdrawal and commercial support for the controversial resource resumed. The company fintech then issued a comment on why it chose to support ABC, the customer selected by Roger Ver, Bitcoin.com and Bitmain, as this decision was probably considered questionable.
Abra, led by Crypto, a supporter of Bill Barhydt, noted that it is "becoming clear" that ABC is the dominant chain, presumably due to the blocking of leads and the higher PoW statistics that the fork had at the time of printing. However, the popular crypto-centric platform added that it could "consider the support" of BSV, the main competitor of ABC in the future, based on the way two chains challenge each other in the future.
BCH Overtakes BSV After Brawl Multi-Week
For those not in the loop, in the tumult of the market this week, BSV, backed by the infamous Craig "Faketoshi" Wright and Calvin Ayre, saw a monumental rally this week, moving the crypto ranking faster than many might say " HODL "".
In a matter of days, if not hours, BSV began to approach BCH's market capitalization, with many cryptocentric commentators who turned to Twitter to express their skepticism, as many thought the civil war between the two factions was over.
While BTC has crowded, dropping below $ 3,500, BCH has closely followed the world's first cryptocurrency. Although many expected that BSV would follow the example, it did not, with the forked good immediately increasing, pass the market capitalization of BCH.
However, with Gemini's stamp of approval, BCH started outperforming BSV for the first time in days, recently overcoming its competitor in terms of market capitalization.
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