Skip to main content

Etoro Will Give Dollar Equivalent of BSV to Pre-Fork Bitcoin Cash Holders

Holders of Bitcoin Cash (BCH) at social trading and multi-asset brokerage platform Etoro will now be compensated with a fiat cash amount of BSV corresponding to their pre-fork holdings. The decision comes six weeks after the contentious hard fork took place.

Also read: 50% of Chinese Stock Exchange Companies Investigated Fail to Demonstrate Real Applications for Blockchain

“The Best Thing to Do”

U.S.-based investment platform Etoro announced on Dec. 27 that customers who were holding BCH leading into the hard fork last month will be given a cash amount per BCHSV. The platform said it made the decision to do so, despite being “not obligated to support forks.”

Clients of the platform who held long non-leveraged BCH positions on Nov. 15 will receive credit into their accounts. “We are in the process of crediting relevant users’ accounts with the dollar value of BCHSV coins at a price of $92 multiplied by the number of BCH units held at the time of the fork,” Etoro said in an announcement.Etoro Will Give Dollar Equivalent of BSV to Pre-Fork Bitcoin Cash Holders

Mati Greenspan, a senior market analyst at Etoro, told news.Bitcoin.com: “As a custodian holding the coins on behalf of our clients we felt that this was the best thing to do. Ideally we would want to give them the BCHSV itself because it belongs to them. But that would be very difficult to setup as we have not yet been able to add BCHSV to the platform.”

He said that Etoro was looking into adding BSV to its platform but added: “We have a lot of evaluation and technical considerations involved in adding a new asset to the platform.”

Etoro added that it had so far received an “extremely positive” response from its clients following the announcement. “The decision to send out the compensation was made in retrospect and we thought it would be a nice surprise for the holiday,” added Greenspan.

The Victorious Coin

The contentious Nov. 15 BCH network hard fork saw the blockchain split into two – BCH ABC and BCHSV. ABC was declared the dominant chain following the hard fork by securing more more proof-of-work than the BCHSV side following the the split. It has since kept the original BCH title on most major exchanges.

What do you think about Etoro’s decision to give a cash equivalent of BSV to its clients following the hard fork? Let us know what you think about this subject in the comments section below.

Images via Shutterstock and Etoro. 

Need to calculate your bitcoin holdings? Check our tools section.

The post Etoro Will Give Dollar Equivalent of BSV to Pre-Fork Bitcoin Cash Holders appeared first on Bitcoin News.



from Bitcoin News http://bit.ly/2EPMU5v
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more