Coinbase To Let Users Withdraw Bitcoin Cash After Outcry
The reversal comes after days of tumult as angry Coinbase customers demanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently trading around $400.
Coinbase announced the decision in a blog post, explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018.
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 Coinbase 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.
While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency.
It’s also unclear how Coinbase’s announcement will affect a campaign by a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash.