SegWit2x | Coinbase Reveals It Will Support Both Bitcoins

With the SegWit2x hard fork getting closer and closer, some companies are already revealing their stance. Coinbase, the largest bitcoin exchange and the most rapidly growing one, recently published a blog post detailing it will support both blockchains following the proposed hard fork, scheduled for November.

The blog post, written by the company’s vice president of operations, Dan Romero, states that as part of Coinbase’s mission to become the most trusted, safe, and easy-to-use digital currency exchange, customers need to benefit from unexpected events such as hard forks.

As such, Romero revealed that the company will give users access to their funds on both blockchains. The blog post reads:

“Customers with bitcoin balances stored on Coinbase at the time of the fork will have access to bitcoin on both blockchains. There is no action required from customers and bitcoin can be securely stored on Coinbase before, during, and after the fork.”

Romero further clarified that access to the funds will only be enabled after Coinbase determines that each blockchain is secure and stable, adding that Coinbase is “currently working on the engineering and security requirements for each bitcoin blockchain.” 

At the end of Romero’s blog post, the VP stated that nearer to the date of the fork Coinbase will detail its approach on how it will be naming both bitcoin blockchains.

Coinbase under fire

Notably, Coinbase is still set to enable Bitcoin Cash withdrawals following the August 1 hard fork – the blog post added that they’re still working on it. However, Coinbase has a few more problems to deal with.

As covered by Core Media, Coinbase is currently being unofficially investigated by the CFTC over an Ethereum flash crash on its Global Digital Asset Exchange (GDAX) earlier this year. Moreover, through a blog post, Bitcoin.org recently threatened to publicly denounce companies that support SegWit2x and don’t commit to meet certain demands.

Coinbase’s announcement doesn’t seem to have appeased SegWit2x opponents, as one of Bitcoin.org’s owners, Cobra-Bitcoin, wrote that the company’s statement “isn’t really helpful,” and that Coinbase must immediately clarify its position.

Finally, Blockstream CSO Samson Mow used Twitter to suggest Coinbase’s stance might be violating the terms of the New York BitLicense, which allows it to operate within the state of New York, and further denounced the company to authorities by tagging them in his Twitter post: