The fortunes of Bitcoin Cash (BCH) have received a welcome boost moving into 2019 thanks to the Gemini Exchange. The web-based trading platform set up in 2014 is the brainchild of the Winklevoss twins and stands as one of the more regulatory-minded exchanges. Much like Coinbase, Gemini is actively working to align itself with leading financial institutions. With that being the case, BCH is likely to receive a timely push as the new year dawns.
“We have worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services for our customers, and we are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian,” reads an official announcement by the Gemini Exchange.
Bitcoin Cash Splits but Fortunes Aren’t Divided
As per the announcement, Bitcoin Cash support will be limited to the ABC (Adjustable Blocksize Cap) node. Following a fork in November, BCH was split into two. Those that believed the fundamental structure of BCH doesn’t need to change radically for the coin to grow are now working on the ABC node. Those that want to move back towards the original protocol laid out by Satoshi Nakamoto are now using the SV (Satoshi’s Vision) node. In practice, the former has taken the name BCH, while the latter is now known as BSV. However, the two are essentially versions of Bitcoin Cash, something that may remain a point of confusion over the coming months.
At Gemini, only BCH ABC will be supported at this stage. What’s more, any withdrawals made to the BCH SV blockchain will be irretrievable. While this may change in the future, the listing has, in essence, given BCH ABC an early advantage over its counterpart. For Bitcoin Cash as a cryptocurrency, a listing on Gemini will put it among esteemed company. When the Winklevoss twins received an $11 million payout from Facebook, they invested it in cryptocurrencies. From this, the Gemini Exchange was born and, today, the company is offering a hybrid trading platform.
Gemini Could Give BCH a Boost
The regulated trading environment could help BCH.
Instead of taking the decentralised route like other established platforms like the Binance Exchange, Gemini is more centralised. Because of this, it’s regulated by the New York State Department of Financial Services. This status does not only make Gemini one of the most trusted exchanges in the world; it means that Gemini also elevates the reputation of any coin it lists. For Bitcoin Cash, the association with Gemini should enhance its reputation as it fights to become one of the industry’s more credible coins. Although this may not result in an instant price spike, it’s undoubtedly another positive step forward for this emerging crypto.
*Information in this article should not be taken as investment advice.
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