Kraken is the latest cryptographic exchange to disclose its position on the potential division of the Bitcoin Cash chain.
The exchange indicates that it Crypto Genius supports Bitcoin Cash Node in the event of a split.
If Bitcoin Cash ABC attracts more than 10% of the hashing power, Kraken will credit users with newly created corners.
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The leading cryptographic exchange Kraken will support Bitcoin Cash Node if a split of the BCH chain occurs this month. The trading platform will only credit users with Bitcoin Cash ABC if it succeeds in attracting significant hashing power after the introduction of a controversial network upgrade on 15 November.
Exchanges and other cryptographic companies continue to reveal their own positions in the face of any forthcoming split in the chain. So far, responses have been varied.
Another hard fork?
The encryption industry is increasingly expecting a new split in the Bitcoin Cash chain later this month. A controversial and apparently marginally supported network upgrade threatens to create two versions of Bitcoin Cash. Those responsible for the change are planning to implement it on 15 November.
The upgrade focuses on the issue of developer funding. Some members of the community are supporting an 8% developer payment taken directly from block awards.
Meanwhile, others disagree, arguing that block awards should not fund developers. Those in favour of a hard fork to bring in an integrated development fund form the Bitcoin Cash ABC camp. Meanwhile, opponents support the implementation known as the Bitcoin Cash Node.
Bitcoin Cash BTC BCH
Kraken is the last exchange to announce its position on the issue. The encryption trading platform, which recently became the first to boast a banking license, said in a blog post that it would support Bitcoin Cash Node regardless of the outcome of the hard fork.
The exchange says it will refer to Bitcoin Cash Node as „Bitcoin Cash“. It will also continue to use the „BCH“ symbol for non-developer fund implementation. It justifies its position by referencing 70% of network signalling support for Bitcoin Cash Node versus less than 1% for Bitcoin Cash ABC.
Kraken will only support Bitcoin Cash ABC if it attracts at least 10% of the total hashing power of Bitcoin Cash Node. He adds that he may not support full trading of Bitcoin Cash ABC.
If the new version attracts sufficient hashing power, the exchange will credit users holding BCH at the time of the split with an equal number of Bitcoin Cash ABCs. However, Kraken’s support may be limited to allowing only the withdrawal of funds.
If it supports the implementation of the development fund, it will do so under the symbol „BAB“, referring to the asset as „Bitcoin Cash ABC“. The Exchange recommends that these Bitcoin Cash margin traders close their positions before the fork.
Different exchanges, different opinions
As BeInCrypto has previously reported, the response of the crypt industry to the hard fork has been varied. Contrary to Kraken’s position, the manufacturer of the Trezor hardware portfolio, Satoshi Labs, will support Bitcoin Cash ABC by default.
The company claims that it will not take a snapshot of the blockchain or immediately credit users with a newly created cryptogram. However, it will monitor all implementations and may introduce support at a later date.
Meanwhile, many exchange platforms have stated that they will take snapshots of users‘ balances and credit accounts with all the tokens created during the split. These include Binance, Huobi and OKEx.
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