Coinbase Adoption For Users To Withdraw Funds From Bitcoin Forks
In the upcoming months Coinbase is going to support customers withdraw funds resulting from forks of the bitcoin network.
The startup announced in a blog post about adding withdrawal support for the forks, though the post did not announce a firm timeline.
The startup pointed, that the move will allow customers to more easily withdraw assets associated with Bitcoin Forks across all Coinbase Products. It also added:
“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 noted it wasn’t announcing support for any specific assets at the current moment.
Coinbase exchange also explained in a statement it will work to support future bitcoin forks on its Coinbase Custody product. It added that the platform “will likely support more forked assets than GDAX or Coinbase for the foreseeable future.”
The digital assets exchange GDAX will allow customers to withdraw bitcoin forks, but not trade them. The same way, Coinbase’s basic platform will also allow customers to withdraw the forked assets but without enabling trades. Later the startup noted that an asset may be added to GDAX in the future without being added to Coinbase.
According to the statement, 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.
In a separate announcement on Thursday, the startup unveiled a new early-stage venture fund that will provide financing to companies working with the technology. Coinbase said:
“At least in the beginning, our goal is simply to help the most compelling companies in the space to flourish”.