Gemini Expands Cryptocurrency Portfolio with Bitcoin Cash Support

New Developments at Gemini

In a significant announcement on December 8, Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins in 2015, has unveiled its support for Bitcoin Cash (BCH). The update came via an official post on their Medium blog, which has left crypto enthusiasts buzzing.

Bitcoin ABC and Its Implications

Gemini clarified that its initial support would only extend to the Bitcoin ABC network, identified on their platform as BCH. This decision emphasizes the exchange’s strategy to ensure the integrity and compliance of the assets it supports, leaving Bitcoin SV in the balance for now.

Future Considerations for Bitcoin SV

According to the announcement, there are no guarantees regarding support for Bitcoin SV. Gemini hinted that they are currently evaluating the viability of this coin and its trading possibilities but have stopped short of any commitments. “We may or may not choose to support withdrawals or trading of Bitcoin SV in the future,” they noted—a clear signal that the crypto community needs to keep its ears to the ground.

Compliance Is Key

True to its reputation, Gemini has taken a meticulous approach to compliance, claiming the title of the world’s most regulated cryptocurrency exchange and custodian. The exchange collaborated closely with the New York State Department of Financial Services (NYSDFS) to secure the necessary approvals before rolling out trading and custody services for Bitcoin Cash.

The Great Bitcoin Cash War

The decision to support Bitcoin Cash comes after a long-standing feud between two blockchains—Bitcoin ABC and Bitcoin SV—that arose following a controversial hard fork. This so-called “war” in the cryptocurrency community was declared over when Bitcoin SV backer Calvin Ayre stated that they no longer wished to associate with Bitcoin Cash, a sentiment echoed in reports back in November.

What’s Next for Gemini?

Gemini continues to evolve its asset offerings, having recently gained approval to trade Litecoin (LTC). The exchange’s VP of Engineering, Eric Winer, emphasized their commitment to banking compliance and fiduciary obligations, reflecting a security-first approach to new cryptocurrency assets. It will be fascinating to see how Gemini navigates this space moving forward as it continues to grow its portfolio and address emerging compliance challenges.