Coinbase makes U-turn on Bitcoin Cash

BI Intelligence

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US cryptocurrency exchange Coinbase hasannouncedplans to support Bitcoin Cash as of January 2018, when users be able to withdraw the new cryptocurrency. Trading functionality may come later.

Bitcoin Cash was first introduced after the Bitcoin fork on August 1, and since then, it has been ratherunstable, with a high of $692on Wednesdayand a value of $287 at the time of writing.Initially,Coinbase had informed users that it would not support Bitcoin Cash, however, outrage among its base and a surge in withdrawals in anticipation of the introduction of Bitcoin Cash pushed the exchange to change its stance on the matter.

Coinbase is responding to customer demand with caution. Even though Coinbase plans to eventually support Bitcoin Cash, it will only do so if no new risks from the cryptocurrency are identified in the next four months. Coinbase’s aim has always been to be “the safest, most trusted” cryptocurrency trading platform, and it generally resists offering new cryptocurrencies without first assessing the potential consequences. Moving slowly and fully evaluating Bitcoin Cash before supporting it seems wise, as it will allow Coinbase to ensure the relative safety of its customers’ assets, and maintain its own reputation.

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