Coinbase Allows Fork Withdrawls
Today Coinbase announced it was going to let consumers withdraw funds resulting from forks of the bitcoin network.
In a blog post the announcement was released. They did not give a timeline. This will make it easier for users to withdraw assets from the coin forks.
“As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported.”
Coinbase also said they are not announcing any new coins at this time. There has been a lot of speculation on what coins would be hitting and when. Many people will be disappointed to hear that there are no plans to add any.
Coinbase explained that it will work to support future bitcoin forks on its Coinbase Custody product, adding that this platform “will likely support more forked assets than GDAX or Coinbase for the foreseeable future.”
There will be some stipulations around how the forks will work and what you can do. You will only be able to withdrawl the forks and not trade them which we find really odd.
Coinbase Commerce, a merchant-focused service it unveiled in February, will not support any forked assets, and the Coinbase Index Fund will not list any assets that are not available on GDAX for trading, according to the statement.
We know there are a lot of unclaimed fork coins lingering out there so hopefully this will make the process easier for those that use coinbase!