Coinbase and Bittrex spoke about Bitcoin Gold

Two popular cryptocurrency related companies voiced their positions on upcoming Bitcoin hardfork; continue reading to learn more
22 October 2017   1493

Coinbase and the Bittrex exchange statements that speak about their positions on upcoming Bitcoin Gold hardfork.

The Bitcoin Gold development team is headed by the CEO of LightningASIC (Hong Kong mining firm) Jack Liao, and it is expected that the separation of BTG from the original bitcoin chain will occur on October 25. However, as said in the Coinbase' statement, privat fork has already occurred, while only the Bitcoin Gold team knows when exactly this happened.

The California company emphasizes that in the first place are the interests of customers and the safety of their funds.

At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.
 

Coinbase statement

The company also says that its priority at the moment is the addition of support for Segwit2x. At the same time, it will continue to monitor the developments around Bitcoin Gold, and if this chain turns out to be safe and valuable, the company may reconsider its decision in the future.

As for the coins that will appear as a result of the hardfork, Coinbase, as well as the GDAX exchange in its structure, all of them will be saved, but users will be able to access them only if appropriate support is added.

What about Bittrex?

In the meantime, the Bittrex administration also made a statement regarding Bitcoin Gold, while it was more stringent.

At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
 

Bittrex statement

Also, Bittrex stressed out that at the moment, Bitcoin Gold doesn't have:

  • Fully formed consensus code
  • Implemented replay protection
  • Adequate code for testing and auditing
  • Publicly known code developers

Thus, the exchange notes, Bitcoin Gold does not meet the established safety criteria, while the removal of a copy of the users' balances at the time of the fork requires more than 24 hours of preparation and implies a stoppage of deposits and withdrawal of funds. The last will be done on Tuesday, October 24 at 10:00 UTC, however, trading on the exchange will continue in normal mode.

Bittrex also plans to "take all reasonable steps" to accrue users of the BTG coin, but until it is a fully supported wallet, it can not guarantee this.

Afterwards, Bittrex released new statement update, were it says that users who have BTC on their balances will receive an equivalent number of BTG coins in a 1: 1 ratio as of 10:00 UTC on October 24 (block 491,407).

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   111

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.