Coinbase will allow users to withdraw assets from bitcoin forks | finder.com

Coinbase will allow users to withdraw assets from bitcoin forks

Peter Terlato 6 April 2018 NEWS

The popular exchange did not provide a start date for the new rule or identify any specific assets.

Cryptocurrency exchange Coinbase has revealed that it plans to let customers withdraw assets associated with bitcoin forks. However, this does not mean that any of these assets will be added for trading.

Coinbase announced the support for bitcoin forks in a blog post this week.

“As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported,” Coinbase said.

Coinbase’s exchange platform, GDAX, will build infrastructure to support withdrawal of bitcoin forks for assets stored on the exchange at the time of the fork. Coinbase Custody, the exchange’s digital asset custodian, will build infrastructure to support future bitcoin forks and will likely support more forked assets than GDAX or Coinbase for the foreseeable future. Coinbase won’t support new forked assets on its Commerce interface.

A complete guide to bitcoin forks

The American Bar Association (ABA) Section of Taxation recently proposed temporary rules regarding the federal income tax treatment of cryptocurrency hard forks, many of which occurred over the course of 2017.

In a separate blog post this week, Coinbase announced a startup-driven financing platform, Coinbase Ventures.

“We’ll be providing financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way,” Coinbase said in a statement.

Coinbase mentioned that it has a considerable alumni network, which it theorizes consists of entrepreneurs.

At least in the beginning, our goal is simply to help the most compelling companies in the space to flourish. This means that we don’t have the strategic requirement of formalizing partner relationships with such companies, as some corporate venture programs do. Our focus is on building strong relationships and helping to spur on the development of the ecosystem.

Coinbase on its new Ventures program

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

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