UPDATE #2: Bitcoin Hard Fork / Bitcoin Cash

Update regarding bitcoin cash (BCC / BCH) withdrawals

 

We have been receiving a few questions regarding the custody of our customer’s Bitcoin Cash. Because of Gemini’s fiduciary obligations under the New York Banking Law, which we take very seriously, we are going to great lengths to ensure all of our customers’ assets on a forked blockchain, like “Bitcoin Cash,” are preserved. Under no circumstances will we capture those funds for our own use. Instead, as stated in our August 3rd blog post, we are focusing our engineering resources on (i) ensuring that our customers’ funds are secure and not susceptible to theft (e.g., replay attacks), and (ii) building a withdrawal mechanism.

 

In the coming weeks, we will open a facility to allow customers to withdraw (probably on an all-or-none basis) their BCC balances to an off-platform address of their choosing. This is conceptually what we did for the ETH/ETC fork as well, which you can read about in a previous post.

 

Securing our customers’ assets is our highest priority and fiduciary responsibility — any modifications we make to our digital asset storage system (including support for a one-time withdrawal), are made with extreme caution and require extensive security review to ensure the integrity of our customers’ assets. We appreciate your patience and understanding while we build this functionality in a safe, secure, and responsible manner. We will continue post material updates when we have them.

 

If you have additional questions regarding Bitcoin Cash withdrawals, please contact support at support@gemini.com.

 

Onward and upward!

 

Team Gemini