Etoro, a social trading and multi-asset brokerage company, has decided to compensate the holders of Bitcoin Cash [BCH] with fiat value of BSV corresponding to their pre-forking holdings. The decision comes six weeks after the BCH fork and compensation similar to this could go a long way for investors waiting for the funds.
The US-based brokerage company announced the decision on December 27 and said that the company’s decision is fixed, even though against investor sentiments, as they are “not obligated to support forks”.
The platform’s clients who were holding long non-leverage BCH positions on November 15 will receive credit in their accounts. In an announcement, Etoro said:
“We are in the process of crediting relevant users’ accounts with the dollar value of BCHSV coins at a price of $92 multiplied by the number of BCH units held at the time of the fork.”
Etoro’s senior market analyst, Mati Greenspan, told Bitcoin.com:
“As a custodian holding the coins on behalf of our clients, we felt that this was the best thing to do. Ideally, we would want to give them the BCHSV itself because it belongs to them. But that would be very difficult to set up as we have not yet been able to add BCHSV to the platform.”
Greenspan informed that they are planning to add BSV to their platform, but said:
“We have a lot of evaluation and technical considerations involved in adding a new asset to the platform.”
The company is pleased to see the positive reaction from their clients following the announcement. The analyst added that the decision to send out the compensation was made in retrospect and that they thought it would be a nice surprise for the holiday.
The fork of the BCH network happened on November 15, resulting in the birth of two new coins; BCH ABC and BCHSV. ABC eventually was declared as the dominant one amongst the two and have secured more proof-of-work than the latter. Thus, the coin has taken the original BCH ticker on most major exchanges.
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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