San Francisco-based Bitcoin (TIKER: BTC.EXANTE) exchange Coinbase said on Tuesday it would allow customers to buy, sell, send and receive Bitcoin Cash (TIKER: BCH.EXANTE), Reuters reported.
Coinbase said all customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account.
"We have been monitoring the bitcoin cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive," Coinbase said in its announcement via a blog post.
"Factors we considered include developer and community support, security, stability, market price and trading volume."
Bobby Lee, chief executive officer of BTC China Co said “Bitcoin cash is a very legitimate contender.”
“Bitcoin has faced a lot of scaling issues with the block sizes and so on, so I think Bitcoin cash has solved a lot of these issues,” he said.
Bitcoin cash surged on the news, up 50 percent over the past 24 hours, to $3,477.45, according to data compiled from coinmarketcap.com.