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Gemini Now Approved By NYDFS To List Bitcoin Cash

ยท 12 Dec 2018 in Crypto News
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology. https://twitter.com/basil_kimathi

New York-based crypto exchange Gemini, on Nov. 7, announced that it would list Bitcoin Cash after receiving approval from the New York State Department of Financial Services (NYDFS).

However, the exchange noted that it would be adding support for only BCH ABC and not its alternative version BCH SV. Bitcoin Cash went through a controversial split last month that saw the network break into two competing blockchains with their own tokens.

Gemini Has No Intention To Support Bitcoin SV

According to Eric Winer, an engineering VP at Gemini, the platform has added replay protection to ensure that transactions are only valid on one network.

“Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.”

The exchange notes that the NYDFS has already approved the listing of Bitcoin Cash. This means Gemini will now offer both trading and custody services to its clients in the New York state. The agency is expected to announce the approval later on.

So starting on Nov. 8 at 14:30 UTC, customers using the exchange will be able to begin depositing Bitcoin Cash into their accounts. However, the trading of the coin is expected to start on Nov. 10 at 18:00 UTC. Initially, the exchange will be offering BCH trading pairs with USD, BTC, ETH, LTC, and Zcash.

The addition of the crypto-coin ensures Gemini joins a few other exchanges that have listed BCH ABC as Bitcoin Cash. Others include Coinbase and Kraken.

However, there are others that have not to take sides and have opted to list both tokens. A good example is Poloniex which still lists ABC and SV as separate coins.

Last month’s contentious hard fork saw Bitcoin Cash split into two separate blockchains. BCH ABC may have won the hash war and managed to retain the BCH tinker however as of today it seems Bitcoin SV is performing much better.

SV has managed to surpass BCH ABC to occupy the sixth position according to coinmarketcap.com.

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