Bitcoin Cash (BCH), a hard fork of Bitcoin (BTC) has been in the news recently as regards its forthcoming network hard fork. Despite the industry not yet sure of the likely direction the hard fork is going, and several exchanges and wallet suspending support for the coin pending the hard fork, a crypto exchange — BitMEX has not only announced plans to support the coin, but the exchange has also documented how it plans to support the coin. The exchange plans to settle all BCH contracts after the hard fork using Bitcoin Cash ABC.
BitMEX to Settle Contracts using BCHABC
The exchange made it known in a recently published blog post that, it will settle all BCH contracts done on its platform using the value of Bitcoin Cash ABC at that point in time.
The published post stated that:
“Bitcoin Cash is expected to conduct a hard fork upgrade on 15 November 2018. There are two competing incompatible hard fork upgrade proposals…Bitcoin ABC and Bitcoin SV. Therefore, there could be a chain split; users holding BCH prior to the hard fork could end up with coins on both sides of the split. On settlement, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will NOT include the value of Bitcoin SV. This is consistent with the approach BitMEX took when Bitcoin Cash initially split off from Bitcoin in August 2017. The Bitcoin / USD contracts were settled based on the Bitcoin price at the time and did not reflect the price of Bitcoin Cash.”
Large Crypto Exchanges Declare support for BCH hard fork
The announcement of support by crypto exchanges such Binance, OKEx, BitForex, Huobi, Upbit, Coinbase Pro, Coinsup, etc during its hard fork period has been pointed out as the reason behind the peak in price the coin had recently. However, the coin has fallen about 6.17% in the last 24 hours.