Coinbase Set To Allow Users To Withdraw Funds From Bitcoin Forks

Ali Raza
  • Cryptocurrency exchange and wallet provider Coinbase is reportedly going to allow users to withdraw funds from various bitocin forks
  • The company noted allowing withdrals doesn't necessarily mean trading support is coming.

A new statement published by popular cryptocurrency wallet provider Coinbase on its official blog reveals the company is set to start supporting the withdrawal of different bitcoin forks in the coming months.


Different Bitcoin Forks

Recently, a large number of new Bitcoin Forks have appeared for various reasons, the most popular ones being Bitcoin Cash (BCH), Bitcoin Diamond (BCD), and Bitcoin Gold (BTG). In its official announcement, Coinbase stated that it is not providing support for any specific asset yet.

There are a lot of factors to consider before making such a decision. The company assured its users that it won't hide its choice once its made, as Coinbase’s website is set to provide information on any assets it decides to support.

Notably the company dealt with a few problems when it launched Bitcoin Cash support. Various investors believed the cryptocurrency’s rollout involved insider information that was used for insider trading. According to them, this information gave company's employees a major advantage over everyone else. With this in their past, it is not surprising that Coinbase wants everything to be transparent and in accordance with their protocol.

Withdrawal Convenience

Withdrawing Bitcoin forks is set to become a lot more convenient once the company decides which ones it will be supporting. This as the company’s subsidiaries are also set to support projects deemed worthy.

A large corporation like Coinbase has quite a few subsidiaries. Among them: Coinbase Custody, GDAX, Coinbase Index Fund, and Coinbase Commerce. Many of these are already creating plans for developing and upgrading infrastructure that will follow Coinbase’s example. Providing support for Bitcoin forks will not be an easy task. The company reminded the crypto community that adding support for these tokens’ withdrawals does not mean that they are supporting trading for said asset.

The rapid creation of cryptocurrencies “airdropped” from hard forks is believed to have brought the crypto ecosystem a few problems. These problems involve potential brand confusion, as newcomers may not be able to understand why various cryptocurrencies are named “bitcoin”.

Ripple XRP Sales Fell 74% in Q3 Amidst Mounting 'FUD'

Michael LaVere
  • Ripple XRP sales fell 74 percent in Q3 2019 according to their most recent report.
  • Blockchain startup says increasing FUD and misinformation about XRP contributed to the decline in sales. 

San Francisco-based blockchain startup Ripple saw a decline in XRP sales of 74% for Q3 2019, with the company citing increased fear, uncertainty and doubt (FUD) during that timespan. 

According to Ripple’s XRP Markets Report released Oct. 18, the sale of XRP dropped from $251.5 million in Q2 to $66.2 million in Q3, constituting a decrease of 74%. Ripple’s sale of XRP constitutes a portion of the coin’s 100 billion max supply that the company controls, primarily in distribution to institutional clients.

The report states, 

As readers may recall from the previous quarterly report, Ripple publicly announced our intention to shift to a more conservative volume benchmark for our XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier. In the third quarter, we significantly reduced our XRP sales, consistent with the messaging we shared in the Q2 report. For Q3 19, our total XRP sales were $66.24 million vs. $251.51 million in the previous quarter.

While the dollar-amount of XRP sold fell precipitously from Q2 to Q3, the price of XRP also dropped 35% during that time, contributing to the depression in sales. Total XRP volume also declined between the second and third quarter of 2019, falling 53%. 

Ripple claims to have shifted away from “programmatic sales” during Q3 to focus on a “few strategic partners” who are focused on building XRP utility. The report also cites an uptick in “FUD” and the “spread of misinformation” about XRP as contributing to the decline in sales. 

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