Update on Bitcoin Cash
We wanted to give our customers an update on the recent Bitcoin hard fork.
Forks enable innovation and improvements to digital assets. We believe that we will see an increasing number of forks in the future and expect this to be a vibrant and innovative part of the community.
When a digital currency forks, it creates a new digital asset. Adding new digital assets to GDAX, however, must be approached with caution. Not every asset is immediately safe to add to GDAX due to technical stability, security, and compliance considerations.
Our top priority is always the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital assets we support remain safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we have invested significant time and care into supporting that digital asset securely. We believe this is the best approach for us to maintain customer trust and ensure a fair and orderly market.
In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from GDAX. There are several points we want to further clarify for our customers:
- Both bitcoin and bitcoin cash remain safely stored on GDAX.
- Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by GDAX.
- We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for all GDAX customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.
We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
Once supported, customers will be able to withdraw bitcoin cash from GDAX. We’ll make a determination at a later date whether or not we will also support trading of bitcoin cash. In the meantime, all customer’s bitcoin cash will remain safely stored on GDAX.