One of the oldest bitcoin exchange, and Europe’s only regulated trading platform, announced today they are to distribute Bitcoin Cash by the end of this month. They will also list it for trading. The exchange says:
“Now that the stability of the newly created fork has been confirmed, we have also decided to add support for BCH trading as well. The following pairs will be available: BCH/BTC, BCH/USD and BCH/EUR.”
Back in August, the exchange suggested the process of listing may take many months, hinting at potential regulatory barriers, but it appears that has been overcome.
Which means bitcoin’s first chain-split hardfork is now listed as good as everywhere for trading. With the newest, yet the oldest, currency supported in almost all exchanges, as well as hardware wallets.
The exceptions are two. BitPay continues to provide only bitcoin as an option for their 100,000 merchants. Despite ethereum having a market cap of some $30 billion, in usual circumstances, and Bitcoin Cash (BCH/BCC) standing at $10 billion, none of them has been added.
The reason is unclear and fairly puzzling, suggesting BitPay, the oldest such service provide for merchants, has grown complacent, unable to keep with the times, making them ripe for disruption.
The other exception is Coinbase. Among all exchanges, they will, by the end of the month, be the only one of relevance to not have distributed BCH.
They plan to do so during January 2018, some four more months, with the reasons for their snail like speed remaining somewhat unclear at this stage.
Considering Bitstamp’s announcement, regulatory hurdles might be an unlikely reason, not least because Coinbase managed to deal with the ETC distribution in a much faster time-line.
Lack of resources might be a reason. Considerable rise in demand has led to Coinbase’s customer numbers skyrocketing. Which means the exchange is, hopefully, very busy scaling their operations to meet demand.
In that circumstance, they may lack the time or resources to deal with BCH distribution, not least because they may need to go through all their security layers, a complex task one would think.
It is probable however, and this is somewhat speculation, but it seems likely Coinbase, once it gets around to it, will list BCH as well as distribute the currency.
That makes bitcoin’s first chain-split hardfork a successful event by all counts. The currency has been accepted ecosystem wide, Bitcoin Core developers have suggested they respect it, while many users strongly support it, giving it a market cap of $10 billion.
As such, the currency may set an example to be followed where fundamental disputes regarding paths to be followed arise.