Coinbase to Support Forks

Coinbase to Support Forks

Coinbase President Asiff Hirji was interviewed on CNBCs Fast Money today.

Fast Money initially touted a “big announcement” to drive hype. This resulted in some coins like $ZRX seeing small pumps and subsequently dumps

The big announcement is certainly a good one. Coinbase shared their intention to allow those holding Bitcoin in Coinbase wallets (also GDAX) the ability to withdraw coins earned from Bitcoin forks.

This means millions of people will likely be given their allocation of Bitcoin Private, Bitcoin Gold, and Bitcoin Diamond forks

This is good news, one might think of it like a tax return. In our opinion people are likely to sell the “free coins” and some fresh capital can enter the market as a result

The most important thing to note is that “Adding withdrawal support for a bitcoin fork does not mean the asset will also be added for trading”.

Read more about the fork and how it will work, here: https://blog.coinbase.com/adding-support-for-bitcoin-forks-to-coinbase-c4bee020898c

Coinbase also announced the launch of Coinbase Ventures

Coinbase Ventures looks to act as an incubator for startups in the blockchain and cryptocurrency space, investing and supporting the growth of new companies.

You can learn more about Coinbase Ventures here: https://blog.coinbase.com/introducing-coinbase-ventures-c67865a1d2fe

Have a great day