Magnr is a bitcoin savings and tradings platform. Today they issued a statement on how will the platform response to the possible bitcoin hard-fork.
The most important thing, in my view, is how will they protect the assets of their customers and with it their business.
Immediately after a fork
Magnr will act to preserve the value of client deposits on both blockchains. A fork will immediately trigger a pause on all withdrawals for a minimum period of 3 working days. This is to enable us to protect our business and more importantly our client funds from known exploits, such as replay attacks and other unpredicted exploits. Our team will continually monitor the situation as it plays out, and will keep clients up to date with news about the expected return to normal service.
Following a fork
Magnr does not intend to support two separate Bitcoin blockchains. Instead we will favour the blockchain that holds the greatest value by market capitalisation. We will use this metric to determine which chain to continue building our business around. We expect this to be the chain which maintains the highest level of Tier 1 liquidity in the period following the fork.
To sum it up:
- three day pause of withdrawals
- support the blockchain with greater market cap
A prudent approach on both accounts.
What do you think?
Read the full blog post here ...
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