Thursday, June 20, 2019

Gemini Crypto Exchange Lists Bitcoin Cash with NYSDFS Endorsement

An announcement was made by Gemini, the digital currency exchange stating that Bitcoin Cash can now be traded and stored on its platform, starting from this weekend. Full trading for Bitcoin Cash on the platform will begin on Monday.

Gemini Supports Only Bitcoin Cash ABC

The Winklevoss twins-founded platform, with this announcement, now supports the storage, transfer and trading of five cryptocurrencies namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Zcash (ZEC), and Bitcoin Cash (BCH). Gemini however, stated that BCH ABC, the main blockchain for Bitcoin Cash that was forked from Bitcoin last year, will be supported on the platform. Withdrawals made with Bitcoin Cash will be valid on the ABC blockchain. If any funds are sent on the Bitcoin SV blockchain, it will be invalid and irrecoverable. Gemini further added that Bitcoin SV will not be supported on their platform for now, although a change in that situation might happen later if the chances for listing SV seem viable.

Gemini said that Bitcoin Cash’s changes have allowed for improvements on transactions made on their network. The improvement on transactions was basically what led to the fork of a separate blockchain, Bitcoin SV last month. The hard fork was activated on the 15th of November after the Bitcoin Cash community could not agree unanimously on the fork, creating two separate blockchains.

There were several reactions made to the hard fork as OKex closed its Bitcoin Cash futures markets without prior notice as they suspected instability of price following the hard fork’s activation. Blockchain.info also halted Bitcoin Cash services within the wallet since the hard fork and yesterday, declared that operations made on the Bitcoin Cash wallet were allowed to continue. Gemini also talked about the possibility of adding Bitcoin Cash SV on its exchange platform.

Gemini’s Chance of Expansion in the Future

The announcement explained that the launch of Bitcoin Cash on the platform was gotten with close workings and approval from New York State Department of Financial Services (NYSDFS) to allow the trading, transfer and storage of Bitcoin Cash on the platform. Gemini revealed that it was excited to add Bitcoin Cash to the platform and were proud to allow for customers safety and security in buying, selling and storing cryptocurrencies.

It was earlier reported a few months back that Gemini was considering the possibility of creating a digital currency exchange in the UK with regulatory permission. In October, Gemini made an announcement stating that the firm had hired former International Securities Exchange COO Jeanine Hightower-Sellitto as its new Managing Director.

In September, Gemini released its stablecoin, the very first regulated stablecoin. The stablecoin was developed on the Ethereum blockchain, and its reserves are audited every month to reassure the public that its 1 Gemini dollar to 1 US dollar peg is still valid.

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