Kraken Enables Bitcoin Cash Deposits and Withdrawals

Announcements, FinTech, Investing | August 9, 2017 By:

Cryptocurrency exchange Kraken has enabled Bitcoin Cash (BCC) deposits and withdrawals on its platform.

Kraken said that 20 confirmations are required before BCC deposits are credited. The exchange added that it may lower the required number of confirmations in the coming weeks if the BCC network grows and more miners join the network.

The exchange also stated that the BCC network may remain potentially vulnerable for several weeks or more.

“Clients should take this elevated risk into account when transferring funds,” said Kraken. “In the event that a deposit is invalidated on the network after the funds are credited to a Kraken account, the amount of the deposit will be debited from the account. If this results in a negative BCC balance, withdrawals will be locked until the balance is corrected (by either depositing or buying BCC).”

Kraken also urged users to exercise caution when making deposits. The exchange has asset-specific deposit addresses and any funds sent to an address that isn’t specific to the asset will not be credited. Bitcoin Cash (BCC) deposits should only go to BCC-specific deposit addresses, and regular bitcoin (BTC) deposits should only go to BTC-specific addresses. Any BCC sent to a BTC deposit address will not be credited, and any BTC sent to a BCC deposit address will not be credited.