Swiss registered First Global Credit (FGC), the platform for bitcoin-denominated financial trading released a statement today in the event that there is a hard fork of the Bitcoin network that creates 2 viable blockchains, BTC and BTC.
FCG will adopt the practice standard in other markets such as stocks where an asset is split into two.
It is anticipated that the combined value of the 2 coins will approximate the bitcoin value before the fork takes place.
- All clients who are long BTC at the time of the fork will have a long position in BTC and BTU.
- All clients who have taken leveraged positions in BTC will receive a leveraged position in both coins (BTC and BTU). Customers will have the capability to manage each position independently.
- All clients who have a short position in BTC at the time of the hard fork will have a short position in both BTC and BTU.
- Positions in BTU can be used as collateral with the same value multiple (5x) as BTC. This will ensure at the time of the split customers available collateral will not be impacted by the split.
- FGC will provide the ability to trade between BTC and BTU and also BTU and USD to enable customers to decide for themselves how to hold their assets if and when the hard fork occurs.
- There may be a short delay in processing withdrawal requests while the blockchain is being forked. This is to ensure that funds are available across both blockchains and to ensure transactions only process on the correct blockchain.