Six of the top 10 crypto exchanges by bitcoin cash (BCH) trading volume have announced plans to support the cryptocurrency's upcoming hard fork on Nov 15.
Bitcoin cash's roadmap includes upgrades to its core code every six months, but disagreement over some changes to the network have raised the specter that two distinct branches of the cryptocurrency could take shape, given that two implementations – Bitcoin ABC and Bitcoin SV – are being put forward by competing teams. While the outcome isn't clear, one scenario would see two separate cryptocurrencies arise from the fork.
A number of exchanges have now made clear their positions should a split occur, with OKEx, Binance, Bitforex and Huobi having all stated that they will "support the hard fork." Poloniex, a rank 51 exchange for BCH, stated more explicitly that it is "prepared to support trading markets for both tokens."
Coinbase was more reserved, saying it will support the current roadmap, but it added:
"In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain."
In preparation for the event, most exchanges have said they will suspend bitcoin cash withdrawals and deposits soon before the fork to ensure customer funds are not at risk due to instability of the post-fork network(s). Users should take care not to deposit BCH during this period in such cases.
And it's not only exchanges that are having to take decisions over the potential split. France-based hardware wallet maker Ledger has said that, if the fork results in separate bitcoin cash chains, "eventually, one of these would be the dominant chain, which we will evaluate to support again then."
The BCH hard fork is set to go occur on Nov. 15 at 17:00 UTC.
Here's the current status of the top 12 BCH markets on CoinMarketCap regarding the hard fork at press time:
OKEx – support confirmed
BitForex – support confirmed
Binance – support confirmed
Digifinex – no statement
Huobi – support confirmed
Bitfinex – no statement
Upbit – support confirmed
HitBTC – no statement
Coinbase Pro – support confirmed
Bitbank – not confirmed
Coinsuper – support confirmed
GDAC – no statement
Forks image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
ExchangesMarketsHard ForksBitcoin Cash
Jiang Zhuoer: BTC.Top Will Support the Camp Favored by a Majority of Hash Power in the Bitcoin Cash Hash War
Jiang Zhuo’er and his BTC.TOP , a major Chinese mining pool, will not take side in the upcoming Bitcoin Cash’s hash war between two competing camps, Bitcoin ABC and Bitcoin SV. Zhuo’er shared h
F2Pool Will Support the Mining of BCHABC and BCHSV after Bitcoin Cash Hard Fork
F2Pool, the sixth largest bitcoin mining pool in the world, announced on Tuesday that it will allow miners to mine both coins generated from the upcoming Bitcoin Cash hard fork after the chain split
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin