The U.S based leading cryptocurrency exchange Poloniex, recently announced that it will be the first crypto firm to provide trading for the BCH (Bitcoin Cash) hard fork to the users who cannot wait until 15th of November for BCH hard fork planned network upgrade.
Poloniex, managed by Goldman Sachs-backed startup Circle, yesterday made an announcement on twitter amid the debate about the pending BCH hard fork. The tweet read that Poloniex will start offering the users an option to trade two tokens: bitcoin cash SV (BCHSV) and bitcoin cash ABC (BCHABC).
All about the Pre-Fork Trading
Earlier today, in a blog post, the firm further provided information about the trading. According to the blog post, this is the first time the company has offered pre-fork trading and it is a part of broader strategy to make the firm one of the most innovative crypto exchanges in the world.
The Circle team stated that they intend to remain neutral at the time of split and permit the crypto community to decide which blockchain to back and demonstrate their support via trading activity. They also stated that they would be evaluating each hard fork separately and later decide whether to back the fork or to resume pre-fork trading.
The pre-fork trading is being made available for the BCHABC/USDC, BCHSV/USDC, BCHABC/BTC, and BCHSV/BTC pairs.
The company offers a conversion tool (that one can easily find it in the upper right corner on the Poloniex website to allow the customers to trade those pairs. The conversion tool permits users to transform BCH into equal amounts of BCHSV and BCHABC. It further allows BCHSV and BCHABC to change back to bitcoin cash if the users ever wish to withdraw their funds. The customers, however, will not be able to withdraw ahead of the planned hard fork.
The crypto exchange firm is planning to halt the BCH withdrawals and deposits on November 15 at 14:00 UTC. Later at 15:00 UTC it will cease the BCHABC, BCHSV and BCH markets, canceling all the outstanding orders. The customers who still have BCH will instantly receive an equal amount of BCHSV and BCHABC. Once both the blockchains have stabilized, the withdrawals will be resumed.
The crypto exchange also mentioned that the users don’t have to take any sort of action if they do not wish to participate in the pre-fork trading. Nonetheless, they are planning to support trading for both BCHABC and BCHSV post the planned pre-fork trading on November 15.
At the time of writing, as per the data from Cryptocompare, BCH is trading at $596.56 down by 6.06 percent.
Poloniex is the United States based leading cryptocurrency exchange firm offering a wide variety of digital assets. It was founded by Tristan D’Agosta in January 2014. The firm is headquartered in Wilmington, the United States, and Delaware.
In February this year, it was acquired by a peer-peer mobile payments firm called Circle Internet Financial Ltd. The company was ranked as the fifty-third largest crypto exchange by CoinmarketCap in October this year.