Gemini announced support for Bitcoin Cash trading and custody services earlier today. Bitcoin Cash support will officially begin on Saturday, December 8 at 9:30am ET, which is when users will begin to be able to deposit Bitcoin Cash into their Gemini accounts.
Then, BCH trading will officially begin on Monday, December 10 at 1pm ET.
This is a big deal for Bitcoin Cash and its supporters. Like Coinbase and similar platforms, Gemini is famously selective about which currencies it lists on the platform. Bitcoin Cash is just the fifth cryptocurrency listed on Gemini to date, joining Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Zcash (ZEC).
The following pairs will all be available on Gemini:
All of the above pairs will be available for continuous trading and block trading. Only one pair, however, BCH/USD, will be available for the daily auction at 4pm ET.
The fact that Gemini is listing Bitcoin Cash is a bit surprising, given the cryptocurrency’s turbulent history over the last few months. Bitcoin Cash was recently forked into two distinct networks and blockchains, including Bitcoin ABC and Bitcoin SV. Bitcoin ABC “won” the hashwar, although the two cryptocurrencies remain closely matched in price today. Here’s how Gemini clarified the debate:
“At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH.”
As we go to press, Bitcoin Cash (BCH) is sitting at a price of $102.56 and a market cap of $1.794 billion while Bitcoin SV has a price of $102.30 and a market cap of $1.788 billion. The two cryptocurrencies couldn’t be closer.
Bitcoin Cash has added replay protection to all BCH withdrawals to ensure transactions are only valid on the Bitcoin ABC blockchain.
In addition, any cryptocurrency sent to Gemini over a blockchain that the company does not support will become invalid and irrecoverable. Do not send your Bitcoin SV to Gemini.
Gemini May Add Bitcoin SV Support in the Future
Interestingly, Gemini doesn’t seem to have anything against Bitcoin SV. In fact, the company claims they may launch Bitcoin SV trading at some point in the future:
“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.”
Gemini also enthused about the goals of the Bitcoin Cash project in general, claiming that BCH was seeking to “build on the goal of the original bitcoin and become an electronic cash system, similar to other payment methods such as debit and credit cards.”
Gemini praised BCH for implementing changes to bitcoin like, “adjustable blocksize caps, canonical transaction ordering, and new operating codes, which lay the groundwork for further transaction throughput enhancements.”
Gemini Receives Approval from New York State to Begin Trading Bitcoin Cash
Gemini is regulated by the New York State Department of Financial Services and is one of the few legitimate exchanges operating legally in New York. New York is also one of the few states to adopt clear crypto regulations.
Before launching Bitcoin Cash trading on their platform, Gemini claimed they worked with the New York Department of Financial Services to obtain approval:
“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.”
With Gemini, customers can enjoy a safe and compliant way to buy major cryptocurrencies. The New York City-based exchange continues to expand its number of accepted cryptocurrencies and will support BCH deposits on December 8 at 9:30am ET followed by general BCH trading on December 10 at 1pm ET.