Bitcoin Cash Hard Fork on November 15: What Kraken Clients Need to Know

Bitcoin Cash will hard fork on November 15 2020 around 12:00 pm UTC as part of a scheduled protocol upgrade. This upgrade is controversial and will likely result in two chains after the fork. 

The likely split is between two protocols known as “Bitcoin Cash Node” and “Bitcoin Cash ABC.” At the present time, over 70% of blocks are signaling for Bitcoin Cash Node while less than 1% are signaling for Bitcoin Cash ABC, so Bitcoin Cash Node looks like it will be the dominant chain by far. 

For live updates on how miners are signaling, go here

Here is a summary of Kraken’s plan for the fork:  

  • We will support Bitcoin Cash Node regardless of the outcome of the fork. 
  • Bitcoin Cash Node tokens will be called “Bitcoin Cash” on our platform and represented by the ticker symbol “BCH.”
  • We will support Bitcoin Cash ABC ONLY IF the hashpower on the ABC network is at least 10% of the hashpower on the Bitcoin Cash Node network (see below for details on this requirement).
  • If we support Bitcoin Cash ABC, it will be called “Bitcoin Cash ABC” on our platform and represented by the ticker symbol “BAB.”
  • If we support Bitcoin Cash ABC, clients with a BCH balance at the time of the fork will receive an equal amount of BAB. 
  • Our support of Bitcoin Cash ABC may be limited to crediting balances and enabling funding (no trading). The decision on whether to enable BAB trading will be entirely at our discretion. 
  • Clients using margin for open spot positions in BCH are advised to close their positions ahead of the fork. See below for important details on how spot positions on margin will be handled across the fork.
  • Clients who want full control over the outcome of the fork should withdraw their BCH to a private wallet. By holding a BCH balance with Kraken across the fork, clients agree that Kraken will handle the fork at its discretion, and understand that Kraken may decide not to support Bitcoin Cash ABC at all.     

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