UK-based bitcoin exchange Coinfloor, as a follow up to its announcement earlier in the week, when the company said it would decide whether to list BCC after August 1st based on user demand, has now determined they will in fact list Bitcoin Cash (BCC).
The Coinfloor team said:
“We have taken the decision to support Bitcoin Cash, due to the increasing demand from our clients to add support. As a reminder, Bitcoin Cash is a new cryptocurrency that is similar to but not in consensus with Bitcoin.”
Coinfloor will be doing the following:
- Continue to allow deposits, withdrawals, and trading of Bitcoin. However, from 4 pm BST on Monday, July 31st, the company will temporarily move to make Bitcoin withdrawals from cold storage only. This means that Bitcoin withdrawals will happen 1 – 2 times each working day.
- Will enable deposits, withdrawals, and trading of Bitcoin Cash (BCC) as soon as practicable, after August 1st, 12:20 UTC. There may be periods of reduced service to the site as it’s updated with the additional Bitcoin Cash functionality and initial Bitcoin Cash balances loaded into each user’s account.
- After August 1st, 12:20 UTC, Coinfloor will begin creating BCC accounts for clients and credit them with an amount equal to their XBT at August 1st, 12:20 UTC. It may take some time to complete this process so clients will be credited with their Bitcoin Cash from Coinfloor’s earliest clients to its newest.
- Coinfloor will not be charging fees for setting up Bitcoin Cash balances for each user.
- Coinfloor will not be charging fees for BCC Deposits.
- Coinfloor will not be charging fees for BCC Withdrawals. There will be a nominal fixed fee, similar to what is the charge for BTC withdrawals, to cover miner fees.
- As with all Coinfloor trading, the company will not be charging fees for BCC trading.
As with Coinfloor’s 100% multi-signature cold Bitcoin storage policy, all client’s Bitcoin Cash will be deposited directly into, stored in and withdrawn from 100% multi-signature cold storage.
Initially, Advance Withdrawals service will not be available for BCC. Clients will need to wait for daily cold storage withdrawals to receive BCC they wish to withdraw. Coinfloor may increase the number of confirmations required for a deposit of Bitcoin to be processed from 3 to 6 as a safety precaution.
Coinfloor’s aim is to minimize disruption to clients. However, the company may pause the processing of deposits and withdrawals or trading of Bitcoin and Bitcoin Cash temporarily, if they feel it is necessary. Given the fluidity of the situation, Coinfloor says they reserve the right to not proceed with all or part of the above plan if there is a significant change in events.