Thursday , 23 November 2017

GDAX plans to enable Bitcoin Cash withdrawals by 2018

The cryptocurrency exchange operated by Coinbase, GDAX, has announced that it plans to launch support for Bitcoin Cash (BCC or BCH) later this year.

GDAX general manager Adam White in a new blog post said that, after initially opting to not support the digital asset that powers the controversial fork of the bitcoin blockchain, the exchange has “examined all of the relevant issues” and decided to add support.

Created this week when a group of miners broke away rom the main bitcoin blockchain, proponents of Bitcoin Cash switched to a new, incompatible software that changed the network’s rules, creating two distinct transaction chains.

Though no clear target date was disclosed, White said that GDAX would integrate Bitcoin Cash by January 1, 2018 – though he cautioned that this would only take place “assuming no additional risks emerge during that time.”

He went on to write:

“Once supported, customers will be able to withdraw bitcoin cash from GDAX. We’ll make a determination at a later date whether or not we will also support trading of bitcoin cash. In the meantime, all customer’s bitcoin cash will remain safely stored on GDAX.”

The statement comes as some customers have directed their ire toward Coinbase in the wake of the Bitcoin Cash split, though several legal threats have yet to lead to actual court action.

The statement notably only accounts for GDAX, and makes no mention of Coinbase’s plans for its wallet service. Coinbase has previously said that it “will not support the BCC blockchain or digital currency.”

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