Gemini Trust Company, the cryptocurrency exchange founded by the Winklevoss twins in 2014, has announced its support for trading and custody of the Bitcoin ABC variant of Bitcoin Cash (BCH). This move expands Gemini's offerings to include one of the most prominent Bitcoin forks, reinforcing its position as a leading regulated crypto platform.
Bitcoin Cash: A Brief Background
Bitcoin Cash (BCH) emerged from a hard fork of the Bitcoin (BTC) blockchain on August 1, 2017. The split aimed to address scalability issues by increasing block size. However, in November 2018, Bitcoin Cash underwent another contentious hard fork, resulting in two competing chains:
- Bitcoin ABC (BCH): Supported by major players like Bitmain and Bitcoin.com.
- Bitcoin SV (BSV): Led by Dr. Craig Wright and Calvin Ayre.
Most exchanges that previously backed Bitcoin Cash now support the ABC variant, while some platforms like Binance, Kraken, and OKEx list both. Others, including Coinbase and Bitstamp, have opted not to support Bitcoin SV.
Gemini’s Approach to Bitcoin Cash
In an official blog post, Eric Winer, Gemini’s VP of Engineering, clarified the exchange’s stance:
- Ticker Symbol: BCH (for Bitcoin ABC).
- Naming Convention: Referred to simply as "Bitcoin Cash".
- Replay Protection: Implemented for all BCH withdrawals to ensure transactions are valid only on the Bitcoin ABC chain.
Regarding Bitcoin SV, Gemini stated it would "continue evaluating Bitcoin SV over the coming weeks or months" but has not committed to supporting it.
Trading Details and Supported Pairs
Gemini will enable BCH trading starting December 10, 2018, at 13:00 ET (18:00 UTC). Deposits opened earlier on December 8. The exchange now supports five cryptocurrencies:
- Bitcoin (BTC)
- Ether (ETH)
- Zcash (ZEC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
Available Trading Pairs:
- BCH/USD
- BCH/BTC
- BCH/ETH
- LTC/BCH
- ZEC/BCH
👉 Explore Bitcoin Cash trading on Gemini
Regulatory Approval and Compliance
Gemini emphasized its collaboration with the New York State Department of Financial Services (NYSDFS) to secure approval for BCH trading and custody. This aligns with Gemini’s commitment to regulatory compliance, a key differentiator in the crypto space.
FAQ Section
1. Why did Gemini choose to support Bitcoin ABC over Bitcoin SV?
Gemini cited ecosystem support and technical stability as primary reasons for backing Bitcoin ABC. The exchange may reevaluate Bitcoin SV in the future.
2. What is replay protection, and why does it matter?
Replay protection ensures transactions are valid only on the intended blockchain (e.g., Bitcoin ABC), preventing accidental transfers on competing chains like Bitcoin SV.
3. Which trading pairs include Bitcoin Cash on Gemini?
BCH can be traded against USD, BTC, ETH, LTC, and ZEC.
👉 Learn more about crypto custody services
4. How does Gemini ensure regulatory compliance?
Gemini works closely with NYSDFS and other regulators to meet stringent financial standards, providing a secure trading environment.
Key Takeaways
- Gemini now supports Bitcoin Cash (BCH) trading and custody.
- Only the ABC variant is listed, under the ticker BCH.
- Trading began December 10, 2018, with multiple pairs available.
- Regulatory compliance remains a cornerstone of Gemini’s operations.
By integrating Bitcoin Cash, Gemini enhances its platform’s utility while maintaining its reputation for security and trust. For traders seeking a regulated venue to access BCH, Gemini offers a robust solution.