Holders of Bitcoin Cash (BCH) at social trading and multi-asset brokerage platform Etoro will now be compensated with a fiat cash amount of BSV corresponding to their pre-fork holdings. The decision comes six weeks after the contentious hard fork took place.
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“The Best Thing to Do”
U.S.-based investment platform Etoro announced on Dec. 27 that customers who were holding BCH leading into the hard fork last month will be given a cash amount per BCHSV. The platform said it made the decision to do so, despite being “not obligated to support forks.”
Clients of the platform who held long non-leveraged BCH positions on Nov. 15 will receive credit into their accounts. “We are in the process of crediting relevant users’ accounts with the dollar value of BCHSV coins at a price of $92 multiplied by the number of BCH units held at the time of the fork,” Etoro said in an announcement.
Mati Greenspan, a senior market analyst at Etoro, told news.Bitcoin.com: “As a custodian holding the coins on behalf of our clients we felt that this was the best thing to do. Ideally we would want to give them the BCHSV itself because it belongs to them. But that would be very difficult to setup as we have not yet been able to add BCHSV to the platform.”
He said that Etoro was looking into adding BSV to its platform but added: “We have a lot of evaluation and technical considerations involved in adding a new asset to the platform.”
Etoro added that it had so far received an “extremely positive” response from its clients following the announcement. “The decision to send out the compensation was made in retrospect and we thought it would be a nice surprise for the holiday,” added Greenspan.
The Victorious Coin
The contentious Nov. 15 BCH network hard fork saw the blockchain split into two – BCH ABC and BCHSV. ABC was declared the dominant chain following the hard fork by securing more more proof-of-work than the BCHSV side following the the split. It has since kept the original BCH title on most major exchanges.