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17th of January 2018

Technology



Coinbase Rolls Out Bitcoin Cash Support

Cryptocurrency Bitcoin Chip

Several months after promising it would add support for Bitcoin Cash to its exchange by the end of the year, Coinbase hit its deadline last night, albeit with a few snags.

Customers can now buy, sell, send, and receive Bitcoin Cash, which joins Bitcoin, Ether, and Litecoin on the popular cryptocurrency exchange and mobile wallet app.

When Bitcoin's blockchain network executed a hard fork this summer, spawning Bitcoin Cash, Coinbase was hesitant to embrace it but ultimately announced it would add support by year's end.

"We have been monitoring the Bitcoin Cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive," Coinbase wrote in a Tuesday blog post. "Factors we considered include developer and community support, security, stability, market price, and trading volume."

The rollout, however, was not a smooth one. Prices fluctuated wildly—briefly reaching $8,500, or nearly three times higher than the current market price of around $3,500. Coinbase was then forced to cancel all orders made on the inflated price and clear the books.

Though Coinbase has not yet confirmed, the $8,500 price was most likely due to a glitch in the exchange. Still, for those concerned about insider trading, Coinbase CEO Brian Armstrong was quick to point out that Coinbase employees are locked out of the Bitcoin Cash game for now.

Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.

— Coinbase (@coinbase) December 20, 2017

As of this morning, sends and receives of Bitcoin Cash are available. Buying and selling will open "as soon as there is sufficient liquidity on [Bitcoin exchange] GDAX," which according to tweets from Coinbase and GDAX should come as soon as 9 a.m. PST today:

An update on Bitcoin Cash for our customers: sends and receives are functional.

Buys and sells on https://t.co/bCG11KMQ6s and in our mobile apps will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will happen tomorrow. https://t.co/8obYSZB1NK

— Coinbase (@coinbase) December 20, 2017

Coinbase confirmed that users will be able to buy Bitcoin Cash using all of its supported fiat currencies: USD, EUR, GBP, CAD, AUD, and SGD.

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