Cryptocurrency exchange Gemini announced the launch of bitcoin cash (BCH) support and detailed that BCH will be available for trading on the platform this weekend. bitcoin cash supporters have been waiting for Gemini to list BCH since the fork on Aug. 1, 2017. Beginning Saturday, at 9:30 a.m. EST, customers will be able to deposit bitcoin cash into their Gemini account in order to trade.
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Gemini Exchange Adds bitcoin Cash Support
bitcoin cash fans found out on Dec. 7 that the New York-based trading platform Gemini was adding BCH to the exchange interface this weekend. It’s been 15 months since the Aug. 1 BCH fork, and proponents have been waiting for what seemed like forever for Gemini to list the coin. The exchange will add bitcoin cash with five trading pairs which include USD, BTC, ETH, LTC, and ZEC. Gemini’s vice president of engineering, Eric Winer, that BCH seeks to “build on the goal of the original bitcoin and become an electronic cash system.” Furthermore, in light of the recent Nov. 15 hard fork which resulted in a split and the birth of BSV, the company explained that the BCH ticker will be assigned to the ABC side of the fork.
We are pleased to announce that bitcoin Cash (BCH) is now available on Gemini! On Saturday, we will begin accepting bitcoin Cash deposits, and trading will open across all currency pairs on Monday. For more information, please visit our blog on
— Gemini (@Gemini)
BCH Will Be Available for Gemini’s Trading and Custody Services, but No BSV Support
bitcoin Cash, a fork of the bitcoin network, was recently forked into two distinct networks and blockchains: bitcoin ABC and bitcoin SV — At this time, we will only be providing support for the bitcoin ABC network and we will be referring to it as bitcoin Cash with ticker: BCH,” detailed Winer’s post.
The engineering executive also noted the company had added replay protection and continued by stating:
Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of bitcoin SV in the future.
Of course, BCH proponents were that the trading platform was finally adding bitcoin cash. Moreover, on Dec. 6, the bitcoin cash fork BSV jumped ahead of BCH as far as coin market capitalization is concerned. However, since the Gemini announcement, BCH has temporarily reclaimed the but both assets have been toe-to-toe in price over the last 48 hours.
A preview of the BCH trading engine on Gemini. Trades will open tomorrow, Dec. 8, 2018, at 9:30 a.m. EST.
Gemini’s Winer further detailed that the company worked closely with the New York State Department of Financial Services (NYSDFS) in order to list BCH. Winer and Gemini associates believe the New York company is “the world’s most regulated cryptocurrency exchange and custodian.” bitcoin cash will also be available to Gemini’s cryptocurrency custody business model which aims to attract institutional investors.
What do you think about Gemini adding bitcoin cash (BCH) to the company’s trading and custody services? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Gemini, Twitter, and Pixabay.
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The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Vaneck Solidx bitcoin exchange-traded fund (ETF), which will trade on Cboe BZX Exchange. The SEC has received more than 1,600 comments and will make a decision by February next year.
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New Decision Date
The SEC announced on Thursday that it has designated “a longer period within which to issue an order approving or disapproving the proposed rule change” by Cboe BZX Exchange to list and trade shares of Vaneck Solidx bitcoin Trust. The SEC stated that the delay is “so that it has sufficient time to consider this proposed rule change.”
Cboe BZX Exchange filed this proposed rule change on Jun. 20 and, on Sept. 20, the SEC instituted proceedings to make a decision on it. The SEC wrote in its Thursday’s announcement:
The commission, pursuant to Section 19(b)(2) of the [Securities Exchange] Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.
According to the Securities Exchange Act of 1934, the SEC can extend the time to make a decision on an ETF up to 240 days after the date of its publication in the Federal Register.
This proposed rule change was published for notice and comment in the Federal Register on July 2. “February 27, 2019, is 240 days from that date,” the commission wrote.
The SEC also revealed:
As of December 6, 2018, the commission has received more than 1,600 comments on the proposed rule change.
Meeting With SEC
A meeting was held on Nov. 26 between officials of the SEC and representatives of Cboe BZX Exchange Inc., Van Eck Securities Corp., and Solidx Management Llc. They discussed the proposed rule change for Vaneck Solidx bitcoin Trust’s ETF.
In its presentation submitted to the SEC, Solidx wrote that the “futures markets [for bitcoin] perform a valuable role in price discovery,” adding that “the empirical evidence indicates that the spot and futures prices are cointegrated … this is evidence of a well-functioning capital market.”
The company proceeded to show the commission that there is a “significant market” for bitcoin futures, citing the case of Breakwave Dry Bulk Shipping ETF which the commission approved in December last year. Applying the analysis used in the Breakwave approval order, the company asserted:
When compared to the dry bulk shipping market there is no question that the bitcoin futures market is a significant, regulated market.
Solidx also wrote, “there is no question 100% of bitcoin futures trade on ‘well established, regulated markets that are members of ISG [intermarket surveillance group],’” such as the CME and the Cboe Futures Exchange. Moreover, the company told the SEC that “several properties of bitcoin and the underlying ecosystem make it less susceptible to manipulation than other commodities that underlie already approved ETPs [exchange-traded products].”
Recently, SEC Chairman Jay Clayton spoke about he needed to see in cryptocurrency markets before he is comfortable with a bitcoin ETF.
Do you think the SEC will approve this bitcoin ETF in February next year? Let us know in the comments section below.
Images courtesy of Shutterstock, Cboe, Van Eck Securities Corp., Solidx Management Llc.
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‘œIt should be less burdensome to get an innovative asset to market. The world is moving fast and we need regulatory support to keep newer technologies in the US.’
‘” Gabor Gurbacs
Interview location: Skype
Interview date: Sunday 2nd Dec, 2018
Project: VanEck/MVIS
Role: Director, Digital Assets Strategy
The crypto bear market has been felt by many. From traders to miners, the fall in prices has led many to lose a significant amount of money. The fall in prices has also impacted companies and projects: GigaWatt has filed for bankruptcy, ETCDEV – an Ethereum Classic team has shut down, and many others are facing challenges times.
Institutions have regularly been cited as a potential end to the bear market, yet ICE’s Bakkt has delayed the launch of their bitcoin settled futures until January 24th ‘˜19 and the SEC continues to either delay their decision or deny every application for an ETF. Only yesterday, the VanEck application, the remaining open application was delayed until February, the deadline for deciding on the application.
Jay Clayton, Chairman of the U.S. Securities and Exchange Commission, recently spoke at Consensus: Invest about ETFs, highlighting his and the concerns of others within the SEC. All do not share these concerns, Commissioner Peirce dissented in response to the rejection of the Winklevoss denied application and spoke to The What bitcoin Did Podcast about her concerns that the SEC is overstepping their mandate, stating ‘œBy precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation.’
Gabor Gurbacs, Director, Digital Assets Strategy at VanEck/MVIS shares Hester’s frustration, telling me that America wants a bitcoin ETF and that a bitcoin ETF faces a higher bar than other markets. In this interview, we discuss the VanEck application, why market manipulation is not unique to bitcoin and the unfair standards by which the SEC treats bitcoin.
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