Cryptocurrency Exchanges React to Ethereum Hard Fork

Cryptocurrency exchange Kraken has announced its decision to support classic ether along with most of the major Ethereum exchanges. Last week the Ethereum hard fork came into effect with the chain reimbursing DAO investors becoming dominant very quickly. ETH balances on Kraken after the fork are tokens of this dominant chain. However, the competing chain that does not reimburse DAO investors remains viable with a significant community of support. This network is now known as Ethereum Classic and the tokens are called classic ethers (ETC).

Kraken is offering the following ETC trading pairs:

Along with the launch of the new trading pairs, Kraken is crediting client accounts with their ETC balance if they had an ETH balance on Kraken at the fork. The fork was at block 1920000, which was on July 20 at 13:20:40 PM UTC. The ETC balance credited to an account will be equivalent to the ETH balance on the account at that time plus any queued but unsettled deposits and minus any queued but unsettled withdrawals. Kraken has warned that new markets will likely be thin at first and users should pay attention to the depth of the order book and utilize limit orders to avoid slippage.

Similarly, Coinbase launched support for ETH following the hard fork. Since launch, Coinbase has exclusively supported transactions and trading in ETH — not ETC. All Coinbase customers’ ETH is secured in hot and cold storage, as per its usual secure storage procedures. Coinbase customers may continue to buy, sell, send, and store ETH on Coinbase. At this time, Coinbase has no plans to support ETC, although it will continue to monitor the situation and evaluate customer demand.

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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