Bitcoin Cash has announced a hard fork scheduled for November 15, 2018.
In the past, regularly scheduled hard forks have allowed Bitcoin Cash to make blockchain updates. But this hard fork is a little bit different and requires special handling on the part of crypto exchanges and wallets.
What Abra users need to know about the Bitcoin Cash hard fork:
- Abra will suspend sending, receiving, and trading of Bitcoin Cash at 8:00 am PST on November 15, 2018. (If users need access to Bitcoin Cash during the hard fork they should withdraw all Bitcoin Cash from Abra before 8:00 am on the 15th).
- Users may not be able to see their available balances of Bitcoin Cash while trading is suspended. Although the balance will not be visible, the bitcoin cash will be secure.
- Post hard fork, Abra will need to evaluate which of the resulting Bitcoin Cash blockchains is longer (and has more hashing power) before determining which fork to follow. There is currently no estimate of how long this process will take.
- Once a clear leading fork emerges, Abra will follow that fork (main fork) and restore the ability for users to deposit, withdraw, trade, or hold Bitcoin Cash.
After the fork, if a new fork (minor fork) emerges in addition to the main Bitcoin Cash blockchain (main fork), Abra will evaluate the viability of the forks and decide whether to enable access to the minor fork.
Abra will monitor the situation closely and take any action required on our part to help this process go smoothly. We will update affected users as we learn more.
If you have any additional questions regarding the Bitcoin Cash hard fork process, please reach out to [email protected]
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
Please visit our FAQ to learn more.