To cash in on the opportunity provided by the upcoming Bitcoin Cash hard fork, cryptocurrency exchange Poloniex has offered pre-fork trading.
Poloniex’s Smart Move
The US-based cryptocurrency exchange, Poloniex, has thrown open the opportunity to its users to trade Bitcoin cash pre-fork token pairs ahead of the upcoming hard fork on November 15th.
The exchange, which earlier this year was taken over by Circle, made the announcement on Wednesday.
According to the announcement:
Starting today, Poloniex is offering customers the option to trade two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).
Speaking about the company’s stance regarding the Bitcoin Cash fork, Poloniex stated:
We believe the responsible thing to do in this case is [to] remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity.
Trading Pairs Available
The two forks, Bitcoin Cash ABC and Bitcoin Cash SV (BCHSV) will be available with USDC and BTC pairs – BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC.
As per the post, customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV and vice versa if they would like to withdraw funds.
Customers won’t be able to withdraw BCHSV or BCHABC until after the fork.
The exchange clarified:
Importantly, customers don’t have to take any action ahead of the fork if they don’t want to participate in pre-fork trading. We will be supporting trading for both Bitcoin Cash ABC and Bitcoin Cash SV after the planned hard fork on November 15th.
Why the Fork?
Bitcoin Cash, as part of regular updates, conducts a hard fork twice a year. This time, the developers behind the cryptocurrency could not arrive at an agreement on the proposed changes to the code.
The two camps – Bitcoin ABC, supported by Bitmain, and Craig Wright’s nChain – are likely to proceed with their proposed updates, splitting the chain further and resulting in the creation of two different cryptocurrencies.
The price of BCH has surged by over 39% in the last seven days riding on the news of the hard fork, though prices have cooled somewhat over the past 24 hours. Investors and holders of the coin stand to gain some free money if both the chains survive past the hard fork.
As reported by Live Bitcoin News earlier this week, Coinbase and Binance have already announced their support for the BCH hard fork.
Will Poloniex be able to attract more users by offering pre-fork trading on its platform? Let us know in the comments below.
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