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eToro Denounces Support to Bitcoin SV, Will Pay Fiat Equivalents Instead

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eToro has announced that it would be paying eligible BCH holders Fiat equivalents instead of BSV (Bitcoin Cash Satoshi Vision). The struggle for listing new Hard fork(BSV) coin continues as not many exchanges are supporting it.

Not obligated to hard forks says eToro

In first of kind event in the crypto industry, eToro, the leading social trading, and multi-asset brokerage platform has announced that it will be compensating Bitcoin Cash Holders with the fiat cash amount of BSV corresponding to their pre-fork holdings. This announcement from the brokerage platform comes nearly six weeks after Bitcoin Cash went under a hard fork on November 15.

The official announcement from eToro says that the brokerage platform is not obligated to support forks but as a gesture to its customers it has decided to fiat equivalents for the foregone Bitcoin SV. eToro users who held long (BUY) non-leveraged Bitcoin Cash Positions on November 15 will be eligible for fiat payments.

With respect to price determination, the announcement says,

“We are in process of crediting relevant users accounts with the dollar value of Bitcoin Cash SV coins at the price of USD 92 multiplied by the number of Bitcoin Cash units held at the time of the fork. The price was determined by the price of Bitcoin Cash SV available to eToro at the time the credit was processed by us”

The platform’s decision was also shared by its Sr. Analyst Mati Greenspan on Twitter

A section of media also reported Mati Greenspan saying,

“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 set up 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.”

On November 15, BCH Network went under hard fork which split the BCH into two networks – BCH SV and BCH ABC. BCH ABC turned out to to be the most dominant of the two by securing more proof-of-work than the BCHSV side following the split. It has since kept the original BCH title on most major exchanges.

What is your view on eToro’s decision of providing Fiat equivalents for BSV? Do let us know your views on the same.

The post eToro Denounces Support to Bitcoin SV, Will Pay Fiat Equivalents Instead appeared first on Coingape.