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Bitcoin Cash Booms As Coinbase Support Goes Live

The price of bitcoin cash has surged following its listing on Coinbase, despite criticism of the handling of its launch on the exchange.

The world’s biggest cryptocurrency exchange and an influential voice in the wider cryptocurrency community, the move from Coinbase to include support for bitcoin cash has been seen as an endorsement for the coin, as it continues to enjoy significant growth.

Currently the third-largest cryptocurrency by market cap, bitcoin cash topped $3,816 today to set new record trading highs, up from the previous high of $3,813 set earlier on in the day.

This has resulted in a growth in market cap by some 64 percent in 24 hours, following announcement of support for bitcoin cash transactions yesterday.

Support from Coinbase means the startup’s millions of customers will now be able to buy and sell bitcoin cash, along with the previously supported coins bitcoin, litecoin and ethereum, opening bitcoin cash to a more significant audience worldwide.

However, its launch wasn’t entirely smooth, with accusations of insider trading following the suspension of bitcoin cash markets shortly after their launch. At the time, Coinbase said the decision was made to reflect “significant volatility,” in a move that has left some customers less than satisfied.

Responding to the criticism, Coinbase CEO Brian Armstrong said the company continues to enforce restrictions on employees, and their friends and family, to ensure probity.

“We’ve had a trading policy in place for some time at Coinbase. The policy prohibits employees and contractors from trading on “material non-public information,” such as when a new asset will be added to our platform. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. This includes to friends and family.

“Our launch of bitcoin cash today is no exception to this. All Coinbase employees and contractors were explicitly prohibited from trading bitcoin cash and from disclosing our launch plans over a month ago ... The trading restriction, which applies to all personal trading activity on any platform, remains in effect now.”

Nevertheless, the launch marks a significant milestone for bitcoin cash, as the coin continues to gain prominence. Created out of a hard fork in the bitcoin blockchain in August 2017, bitcoin cash increases the block limit size from 1MB to 8MB, in a bid to solve what many perceive to be limitations in the original bitcoin blockchain.

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