US bitcoin exchange Coinbase has preempted any backlash from its user base for supporting bitcoin forks.
The company announced on its blog plans to support the withdrawal of Bitcoin Forks across its suite of products for the foreseeable future.
We’ve already seen several new coins created from Bitcoin Forks, the most common among them being Bitcoin Cash but also Bitcoin Gold and Bitcoin Diamond, to name a few. Now Coinbase is gearing up for more. It doesn’t mean that Coinbase will be adding more coins to be traded on its digital asset exchange GDAX, at least not yet.
“We are not announcing support for any specific assets at this time. As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported.” – Coinbase
Coinbase got itself into a heap of trouble with investors last year for a botched rollout of Bitcoin Cash. Investors claimed it involved insider information, giving the company’s internal staff an advantage over them and leading to class-action lawsuits against the exchange. This time around, Coinbase states clearly that it’s following protocol, saying:
“We are announcing this both internally and to the public as consistent with our process for adding new assets.”
Coinbase is the parent company of several subsidiaries, most of which will support Bitcoin Fork withdrawals. The company outlined the approach that each of its businesses will take to support Bitcoin Forks.
Coinbase also just announced Coinbase Ventures, an investment vehicle for early-stage companies.
Featured image from Shutterstock.
Last modified: May 20, 2020 8:53 PM UTC