Circle’s Poloniex Is Offering Support for Bitcoin Cash Hard Forks
Customers of Poloniex cryptocurrency exchange can trade in BCHABC and BCHSV pending the Bitcoin Cash hard fork. Poloniex is the first exchange offering pre-fork trading for the two tokens likely to result from the planned BCH November 15 upgrade.
Poloniex Offers Pre-Fork Trading
According to an announcement made on Thursday, the exchange is offering its clients the choice to trade BCHABC and BCHSV tokens ahead of the BCH network’s hard fork. Poloniex is offering the following trading pairs: BCHABC/BTC, BCHSV/BTC, BCHABC/USDC, and BCHSV/USDC. Customers also have the option of converting Bitcoin Cash into BCHABC and BCHSV, and vice-versa. However, there will be no withdrawal facilities for the two coins before the hard fork.
While offering trading pairs for the two coins, Poloniex is maintaining a neutral stance on the planned hard fork:
We believe the responsible thing to do in this case is remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity.
Poloniex also said that going forward they would evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading. This pre-fork trading offer is a first for the exchange, nd it is part of efforts to become a top innovative exchange.
Along with the announcement of pre-fork trading, Poloniex also announced plans to list the BCHSV and BCHABC tokens after the November 15 hard fork.
Cryptocurrency Exchanges Reacting to The Impending Bitcoin Cash Hard Fork
Since the announcement of the hard fork and the possibility of a network split, several crypto exchanges have informed their customers on how they plan to handle the possible eventualities.
On November 2, Binance confirmed its support of the hard fork. The exchange informed its customers that it would temporarily suspend deposit and withdrawals of BCH starting from 2018/11/2015 3:00:00 PM (UTC).
Following Binance’s announcement, Coinbase announced its support of the planned upgrade. In a post on its support page, Coinbase informed its clients that it would pause deposit and withdrawals services on all BCH wallets for the hour leading up to the hard fork. The exchange will restore these services at the completion of the upgrade. If the upgrade leads to a split, Coinbase assured its customers that they would be able to access their crypto assets on each viable chain.
Ledger also announced its plan to suspend deposit and withdrawal support for BCH before the hard fork to avoid loss of funds. Ledger plans to support the dominant chain at the end of the November 15 upgrade.
Image courtesy Shutterstock and Poloniex.