Gemini Adding Support for BCH
The cryptocurrency exchange owned by the Tyler and Cameron Winklevoss, Gemini announced that it would adding support for Bitcoin Cash (BCH) custody as well as trading from today. The announcement was made on their official blog, Medium.
Gemini, founded in 2015 by the Winklevoss twins, claims to be the world’s most regulated cryptocurrency custodian as well as exchange. To this end, the crypto exchange that it worked closely with the NYSDFS (New York State Department of Financial Services) to gain the required approvals to offer its customers the facility of trading in and accessing custody services for Bitcoin Cash.
Choosing BCH over BSV
Bitcoin Cash users have been waiting for Gemini to support the cryptocurrency since it was created during the hard fork with Bitcoin on August 1, 2017.
Now, finally, after its hard fork, BCH users will see their wish come true. The exchange will add support for BCH with five trading pairs – USD (US dollar), BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin) and ZEC (Zcash)
The cryptocurrency exchange, however, stated that at this point it would provide support only for the BCH network and not for the BSV network. The vice president of engineering at Gemini, Eric Winer stated that BCH was seeking to build on the goals of the original Bitcoin by focusing on becoming an electronic cash system.
Gemini also stated that it would continue to evaluate the Bitcoin SV network of the course of the next few weeks or even months. At the end of that time, the exchange may or may not opt to support withdrawals and/or the trading of the new cryptocurrency.
Creation of BSV
When Bitcoin Cash went through its hark fork on November 15, the network split in two, with one camp, Bitcoin ABC, claiming the original name of the network as its own, while the opposing camp, ended up taking a new name – Bitcoin SV.
Both the factions had competed for the original name after that bitter hard fork. However, that “war”, as the crypto community named the dispute between the two parties, ended with Calvin Ayre, billionaire entrepreneur and also the main backer of the Bitcoin SV network, declaring that their chain did not want the Bitcoin Cash name any longer.
BCH proponents were overjoyed at the news that their network was going to be supported and not BSV’s. BSV had overtaken BCH on the top ten list on December 6, however, after the news that Gemini would be supporting BCH and not BSV, the former reclaimed its 5th position on the charts.
At this time however, BCH is in 6th position and BSV is in 7th position on the cryptocurrency top ten list.