The second hard fork of Bitcoin’s history, Bitcoin Gold, is scheduled to take place on October 25th, while another Bitcoin hard fork, SegWit2x, will occur in November.
Coinone and Coinnest, two prominent South Korean bitcoin exchanges, have announced their policies regarding the two upcoming hard forks.
Coinone, currently the second-largest bitcoin exchange in South Korea, wrote a statement on their web page about these hard forks last week. Citing the fact that it is possible to have a new cryptocurrency that is derived from the existing bitcoin, the exchange wrote: “Coinone will do its best to support the creation of a new virtual currency, which is generated from a hard fork in the existing blockchain in the future, and to quickly support deposits with withdrawals.” The exchange also noted that there may be a temporary suspension of withdrawals during the forks. The announcement, however, included comments only about the SegWit2x hard fork and not the Bitcoin Gold hard fork.
Early last month, Coinone launched a physical exchange which gained the platform much more popularity in public. According to Coinmarketcap, Coinone’s bitcoin trading volume has recently surpassed Korbit, another leading South Korean exchange.
Digital Currency trading platform, Coinnest, on the other hand, announced its full support for both the Segwit2x and the Bitcoin Gold hard fork. In its announcement on Thursday, Coinnest CEO, Kim Byeong-hwan, said:
“We have completed the technical preparations for the hard fork and for the first time among the domestic exchanges.”
Coinhills reported that, at the moment, the exchange is the fourth-largest in the country. Its volume, however, is currently less than a quarter of Coinone’s, and about one-third of Korbit’s.
In addition to this, the exchange also commented that users holding bitcoin on its platform will automatically be paid with the new cryptocurrency. The exchange detailed that both cryptocurrencies will be available for deposits and withdrawals on November 1st, provided that the blockchain split goes smoothly. The exchange also expressed that they will be paying BTG, referring to Bitcoin gold.
Due to various concerns, a number of signatories have taken their support back for the hard forks, but BitGo chief executive, Mike Belshe, says has high hopes despite all the disagreements. Bithumb and Korbit, have not yet announced their policies regarding the two hard forks.