Coinbase customers received welcome news on Tuesday, as the company announced that it would begin offering support for Bitcoin Cash trades. In a blog post, Coinbase also confirmed that “customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account.”
The company had previously committed to providing Bitcoin Cash support by January 1st, in an announcement made just days after the fork that created the coin. At that time, Coinbase had not yet decided whether it would offer trading support, but had confirmed that customers would be able to withdraw their Bitcoin Cash once support was in place.
According to today's post:
“Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours."
The Coinbase announcement also reiterated the company’s commitment to protecting its customers’ interests, noting:
“Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other networks events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.”
The news came on a day when Bitcoin’s price plummeted to below $17,000. Meanwhile, Bitcoin Cash went in the opposite direction as its value increased more than 70% to a high of $3,774.14, according to CoinMarketCap.