Gemini Exchange to add Bitcoin Cash (BCH) in June: Backroom leak or just a pump?
Rumours are circulating today that the Gemini Exchange will add Bitcoin Cash trading in June. The exchange, owned by the Winklevoss twins and used to price Bitcoin futures on the Cboe, currently only offers trading between Bitcoin, Ethereum and US dollars.
Litecoin and Bitcoin Cash were already widely expected to be the next offerings from Gemini, though no one knew when such a move might occur. Tyler Winklevoss said at a Cboe event last month that, the obvious candidates were “from the Satoshi Nakamoto family tree — Bitcoin cash, Litecoin”. Adding these two would bring Gemini in line with the options available on Coinbase.
Today a Reddit user claiming insider information suggested that Bitcoin Cash will be added in June. The timing is significant as prices normally rise following a coin’s addition to a major exchange. Knowing a listing ahead of time allows investors to take advantage of this price movement.
According to “SlightSituation”, who claims to know a developer at Gemini, there is an end of June deadline for full BCH integration. Apparently the Cboe is working on BCH futures contracts, and the Gemini integration was pushed back from the original May target as the exchange needed more time to onboard Bitcoin Cash.
The story was publicised by well-known crypto investor WhalePanda, who wondered if the developer and exchange would “be that stupid to leak the date”.
That “back end developer” friend and @GeminiDotCom wouldn’t be that stupid to leak the date right? They did mention earlier they were eyeing to add $LTC and BCash. #InsiderTrading #RememberCoinbase pic.twitter.com/eWJ0nYMVaH
— WhalePanda (@WhalePanda) 27 April 2018
While the story could be true, it should be noted that there is no proof. As Reddit user PressInternetBitcoin said in response to SlightSituation’s claim, “just because the story is plausible doesn’t mean anyone should give credibility to u/RandomInternetUser”.
If not true, the most likely explanation of SlightSituation’s claim is an attempt to build excitement around Bitcoin Cash and increase the value of his or her holdings.
However, the reason why people are paying attention to the story is that Bitcoin Cash listings have something of a history of being leaked ahead of time. BCH’s launch on Coinbase was highly controversial with prices rising on other exchanges in the hours before the supposedly secret announcement. In response Coinbase CEO Brian Armstrong was forced to order an internal enquiry to investigate insider trading claims.
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