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Coinbase to Support Withdrawal of Bitcoin Forks

Coinbase subsidiaries will support withdrawals for forks, mostly at the time the fork occurs. The company said it made the announcement to both internally and to the public as consistent with their process for adding new assets.  

The U.S. based Bitcoin exchange Coinbase is adding features to let users withdraw Bitcoin forks according to a recent blog from the company.

Coinbase:

“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. Therefore, to support and will always state on our website which particular assets are in support”.

The new features will let users withdraw forks such as Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond. This does not mean adding an ability to trade the assets on the platform.

Support withdrawals on its subsidiaries

Starting with Coinbase platform, the withdrawal of the forks will be supported at the time the fork occurs. Coinbase adds assets after they are listed on GDAX. However not all coins listed on GDAX get to appear on Coinbase.

Further, the company’s subsidiary Coinbase Custody will likely support a higher number of forked assets than will GDAX or Coinbase platforms. GDAX will support withdraws for given assets existing on the platform when a fork occurs.

Also to support the withdrawal of forks is Coinbase Index Fund, the company’s index fund that exposes investors to coins listed on GDAX. Assets get listed on the index on a market-cap weighted basis, similar to the S&P 500 index for stocks.

The company will also add support for withdrawals of forks at its payments platform, Coinbase Commerce.

Will support for withdrawal of forks ease out backlash on Coinbase? Lets us know on Twitter and Telegram

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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