Zebpay wish to give an important update on Zebpay’s status on Bitcoin Cash. For a quick read, you can skip directly to the summary below.
As expected, Bitcoin’s blockchain had a fork on 1st August 2017. We had announced in an earlier update that we will not support Bitcoin Cash and we had requested that users who wish to use Bitcoin Cash, remove bitcoins from Zebpay wallet to a wallet in which they control the private keys.
However, a significant number of users continued to keep their bitcoins in Zebpay. Considering the developments with Bitcoin Cash over the past few days,
we hereby announce that all users who had bitcoins with Zebpay as on 1st August before the fork, will get equivalent Bitcoin Cash.
This is the easier part. The more difficult part is to do this technically.
This announcement is only limited to confirm to our users that we will be doing this. However, we need more time to figure out how to take care of this technically, how to actually give users the delivery of Bitcoin Cash. As you know, we are a single cryptocurrency exchange and not a multi cryptocurrency exchange, yet. So to do this in a safe, simple and secure way will take time.
Some other major international exchanges also announced that they will allow delivery of Bitcoin Cash and a major US exchange gave a timeline of almost 5 months to be able to do this. We would love to do this today if it was that easy but unfortunately it is not.
We will update our users again as we figure this out.
To summarize:
Both Bitcoin and Bitcoin Cash are safely stored on your behalf with Zebpay.
You will get same Bitcoin Cash for Bitcoins you had in your Zebpay account as on 1st August. For example, if you have 1.5 Bitcoin on 1st August, you will get 1.5 Bitcoin Cash.
You can continue to do Bitcoin transactions without worrying about your Bitcoin Cash balance.
We will announce when and how you will get Bitcoin Cash as soon as we have figured it out.
At Zebpay, we want to assure you that we work in the best interest of our users. We are working hard to develop the ecosystem in a responsible manner in India.