Does TBanque support hard forks?
Here at TBanque, we understand the importance of forks as a means of maintaining and improving cryptoasset blockchain networks. We continuously monitor protocol developments and work hard to ensure our customer funds are safe during these events.
If a hard fork on a certain blockchain goes through with consensus, the change will go unnoticed by TBanque clients holding that cryptoasset. However, if an upcoming hard fork has the potential of splitting the specific blockchain, TBanque will impose a trading halt until the applicable coins are stable.
When a hard fork splits the blockchain, this results in lower liquidity and sometimes extreme volatility. Therefore, halting trading is essential to keeping TBanque clients’ funds secure. After the hard fork takes place, the TBanque team will evaluate the safety of the new coin and its liquidity, and examine security vulnerabilities in the protocol or client software.
As soon as conditions allow, and if the value of the new coin is a substantial amount of the value of the original coin, the team will evaluate if it’s possible to add the new coin into TBanque’s offerings. Our first priority will always be to add the new coin (given it has substantial value) to our offerings, however, if this is not possible, TBanque will compensate owners for the dollar value of the new coin as soon as practicable following TBanque’s collection of the new crypto asset.
Our criteria to support the forked cryptoasset are as follows:
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Security: We will not support coins which have the potential to put our users’ security at risk.
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Technology: The technological infrastructure of the new coin must be compatible with our own technological restrictions.
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Liquidity: In order to support a new coin, it must offer sufficient liquidity in the market.
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Compliance: We must ensure that the new cryptoasset is in line with the regulatory restrictions under which TBanque operates.
The safety of our clients’ funds is paramount and is always the main factor in our assessment. If we decide that we are able to support the new cryptoasset safely, we will notify our clients accordingly.
