CEX.io and Unocoin Announce Fork Arrangements

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CEX.io and Unocoin Announce Fork Arrangements

October 19, 2017 News 0

This week two more exchanges revealed their plans for the upcoming Segwit2x fork this November. The London-based exchange CEX.io explains that whether the company supports the split or not customers will receive split tokens if the fork takes place. Further, the Indian exchange Unocoin has revealed it will be supporting the chain with the most “mining/community” support.

Also read: Bitfinex Launches Segwit2x ‘Chain Split Tokens

The Trading Platform CEX.io Closely Observes the Ongoing Transformations and Considers the Measures Taken Under Emerging Conditions

CEX.io and Unocoin Announce Fork ArrangementsThe exchange CEX.io revealed its position towards the Segwit2x fork on Tuesday, October 17. The trading platform’s official statement details that there has been a lot of rumors and concerns about this particular fork. With all that aside, CEX.io believes the security of customer funds should never be at risk “no matter how the market evolves.”

“As for now, we are still closely observing the ongoing transformations and considering the measures to take under the emerging conditions — While tracking the further development of the situation, we will take action to secure the profit and ensure the safety of our existing and future customers,” explains CEX.io’s Helga Danova. “Currently, our team works on the technical side of every expected outcome, including the rejection of the protocol change.”

Whether we support the split or not, add new pairs for trade or not, our existing customers will receive new coins if Segwit2x hard fork happens. We will inform you later about the payout details and the time when additional options will be available on CEX.io.

Unocoin: ‘Only Tokens From the Majority Chain Will Be Supported After a Successful Split’

Two More Bitcoin Trading Platforms Announce Fork ArrangementsFollowing the CEX.io announcement, the well-known bitcoin exchange based in India, Unocoin, also disclosed its Segwit2x contingency plan. First and foremost Unocoin says there is no action required from customers in regard to the upcoming event of fork or split. Additionally, the trading platform will only support the chain that captures a majority of “mining/community support,” in order to utilize trading with INR.         

“All our customers holding any amount of bitcoin in their Unocoin wallet before the event of the fork would be entitled to an equivalent amount of coins on both the chains after the split — There is no action required from customers in this regard either before or during the fork as long as the replay protection is available,” explains Unocoin’s announcement.

However, only tokens from the majority chain would be supported for further trading on the Unocoin platform after the successful split — On determining the stability of each chain after the fork, users will be encouraged to submit their addresses to redeem their coin balance on the minority chain starting within two weeks after the split.

Both Unocoin and CEX.io join the growing list of exchanges who are announcing contingency plans for the Segwit2x fork. The trading platforms both say they will update their customers with a more definitive fork timeline down the road. Over the past two weeks, businesses have also had contrasting differences to how they will handle this particular fork. It will be particularly interesting to see how the entire industry cumulatively deals with the Segwit2x event as it unfolds.

What do you think about CEX.io and Unocoin’s statements about the upcoming fork? Let us know what you think in the comments below.

Images via Shutterstock, Bitcoin.com, CEX.io, and Unocoin. 

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