We recently announced that we will be adding more cryptocurrencies to our Exchange. Today, we’re unveiling the first coin in this quarter’s line up.
In a few weeks, Bitcoin Cash (BCH) will be joining the Lunoverse! We’re excited to see the development of this project and its growing community since the Bitcoin Hard Fork in August 2017, and we believe it’s the right time to welcome BCH to our Exchange.
There’s a host of activity happening in the background to ensure this experience is as seamless as possible for you, our customers. We’re not able to release a specific date but rest assured we’re working on making this available for you shortly.
From Bitcoin to Bitcoin Cash
When the Bitcoin Hard Fork took place in August 2017, the Bitcoin blockchain split into two. It was a pivotal moment for the Bitcoin community (especially when the open protocol and consensus framework allowed miners to vote on whether or not to follow proposed changes and improvements to the technology). The result of the Hard Fork gave us a completely new cryptocurrency: Bitcoin Cash (BCH). Bitcoin owners at the time of the fork ended up with the equivalent BCH amount after the fork. This essentially meant that if you owned 1 Bitcoin before the fork, you’d have 1 Bitcoin (BTC) and 1 Bitcoin Cash (BCH) after the fork.
During this split, we announced that we would support the fork for our Bitcoin customers. At this time, we also made a conscious decision to not yet offer the option to buy or sell BCH on our platform. Existing customers were, however, able to store and receive BCH. We ensured those with Bitcoin had a way to withdraw their BCH balance to a compatible platform. We processed BCH withdrawals for some time and we saw a significant amount of customers activate their BCH wallets.
We’ve been listening intently to our customers and the wider community. With our finger on the pulse since then, we’ve witnessed more development to give us the confidence to introduce BCH into the Luno ecosystem. With some of our customers already having this wallet activated, it made sense to extend this to the rest of our customer base. We’re happy to announce all our customers will be able to buy, sell and store BCH on our platform shortly.
Bitcoin Cash is the first of many new cryptocurrencies we’ll be adding throughout the quarter and beyond. When we know more, we’ll share the details with you.
Until then sit back and enjoy the ride to the moon!