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Gemini has announced support for Bitcoin Cash trading and custody services today. Support for Bitcoin Cash will officially begin on Saturday, December 8th at 9:30 am ET, when users will begin to be able to deposit Bitcoin Cash in their Gemini accounts.
Therefore, BCH trading will officially begin on Monday, December 10th at 1:00 pm ET.
This is a big problem for Bitcoin Cash and its supporters. Like Coinbase and similar platforms, Gemini is notoriously selective on the currencies it lists on the platform. Bitcoin Cash is only the fifth cryptocurrency listed on Gemini to date, combining Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Zcash (ZEC).
The following pairs will be available on Gemini:
- BCH / USD
- BCH / BTC
- BCH / ETH
- LTC / BCH
- ZEC / BCH
All the aforementioned pairs will be available for continuous trading and block trading. Only one pair, however, BCH / USD, will be available for the daily auction at 16:00 ET.
The fact that Gemini is listing Bitcoin Cash is a bit surprising, given the turbulent history of cryptocurrency in recent months. Bitcoin Cash has recently been launched in two distinct and blockchain networks, including Bitcoin ABC and Bitcoin SV. Bitcoin ABC has "won" hashwar, although the two cryptocurrencies remain closely related today. Here's how Gemini clarified the debate:
"At the moment, we will only provide support for the Bitcoin ABC network and refer to it as Bitcoin Cash with ticker: BCH."
As we go to press, Bitcoin Cash (BCH) has a price of $ 102.56 and a market capitalization of $ 1.743 billion while Bitcoin SV is priced at $ 102.30 and a market capitalization of $ 1.787 billion. The two cryptocurrencies could not be closer.
Bitcoin Cash has added playback protection to all BCH withdrawals to ensure that transactions are only valid on the Bitcoin ABC blockchain.
Furthermore, any cryptocurrency sent to Gemini on a blockchain that the company does not support will become invalid and unrecoverable. Do not send your Bitcoin SV to Gemini.
Gemini could add support for Bitcoin SV in the future
Interestingly, Gemini does not seem to have anything against Bitcoin SV. In fact, the company claims that they could start trading Bitcoin SV in the future:
"We are continuing to evaluate Bitcoin SV in the coming weeks or months, and we may or may not choose to support withdrawals and / or Bitcoin SV trading in the future."
Gemini also impressed with the objectives of the Bitcoin Cash project in general, arguing that BCH was trying to "build the original bitcoin's goal and become an electronic cash system, similar to other payment methods such as debit and credit cards. credit".
Gemini has praised BCH for implementing bitcoin changes such as "adjustable blockizable caps, ordering of canonical transactions and new operational codes, which lay the groundwork for further improvements in transaction throughput".
Gemini receives approval from the State of New York to start trading with cash
Gemini is regulated by the Department of Financial Services of the State of New York and is one of the few legitimate trades operating lawfully in New York. New York is also one of the few states to adopt clear crypto regulations.
Before starting Bitcoin Cash trading on their platform, Gemini said he worked with the New York Financial Services Department to get approval:
"We have worked closely with the New York State Department of Financial Services (NYSDFS) to gain approval to offer Bitcoin Cash trading and custody services to our customers and we are pleased to add this cryptocurrency to the Gemini platform. – the most regulated cryptocurrency in the world, exchange and custodian ".
With Gemini, customers can enjoy a safe and compliant way to purchase the major cryptocurrencies. The New York Stock Exchange continues to expand its number of accepted cryptocurrencies and will support BCH deposits on December 8th at 9:30 ET followed by the general BCH trade on December 10th at 13:00 ET.
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