Coinbase announced earlier today that Bitcoin Cash has been added on their platform- not just the ability to claim coins that users were entitled to after the hard fork, as they had done with Ethereum Classic, but full support for sending, receiving, and trading on Coinbase and GDAX.
As this Reddit conversation points out, though, the rollout had some aspects that many found a bit unsettling. Coinbase didn’t announce that full support was coming before starting the rollout, and the price of Bitcoin Cash went up over 300% after the announcement and during the run-up to the launch, and briefly went even higher after it started- leading some to wonder if there was a coordinated pump and dump and insider trading going on.
It’s great to see Coinbase adding support for more coins, and it’s possible this wasn’t as bad as it looked to some. But it probably could have been handled a lot better, especially now that cryptocurrencies are starting to have a more mainstream light shined on them. As one comment on that Reddit page pointed out, CBOE didn’t just suddenly announce that Bitcoin Futures had been added. Adding one more cryptocurrency to a platform where people use them all the time probably isn’t quite as dramatic of a change as adding a new asset to a market that has never had access to it- but considering the size, popularity and trading volume of Coinbase and GDAX, it would likely be very helpful to current users and traders to be able to prepare for the possible impact.