Bitcoin.com, the firm launched by Roger Ver seeks to launch a derivative for Bitcoin Cash.
Bitcoin.Com To Launch BCH Derivative to Rope in US-based Institutional Traders
The firm has of late grabbed headlines for launching its crypto exchange amidst community backlash. David Shin, the head of the exchange explained the goal is to make Bitcoin Cash one of the largest cryptos in the world. He said,
“Within a year I want to make that the second or third-largest market cap,” Shin said. “To get from No 4 to No 3 or No 2, we have to see more volume.”
In order to achieve this, the firm has begun discussions to list a Bitcoin Cash futures product on a Commodity Futures Trading Commission-regulated exchange, Further, the firm seeks to have a discussion with CME on listing a Bitcoin Cash Future.
Also, the firm’s future prospects include working with a retail broker so that US investors can thus trade the regulated product.
“We’ll try to list a BCH future on one of these exchanges that’s CFTC regulated to, therefore, have a product that can be traded into the US with institutional traders,” he said. In theory, we should see more penetration, more users, more trading and more volume.”
With mainstream investors still skeptical for Bitcoin, it is a herculean task to engage and further keep up the interest in altcoins.
“I don’t think the institutions really know what BCH is, so I want to be out there to change that rhetoric. There’s a real opportunity if we believe two contracts are not enough, and maybe three to five is the right number, that the third one should be Bitcoin Cash” Shin said
The firm’s retail drive is to also develop a Sports-like trading tournament whose ultimate goal will be to create crypto influencers.
Crypto Community Wary of Ver’s Exchange
Shin became a part of Bitcoin.com at the end of August to head its exchange business, which debuted Sept 2.
Just a day after announcing the launch of the new exchange, Roger Ver stepped down from the CEO position of Bitcoin.com.
He then revealed Stefan Rust will be the new Chief Executive Officer. This led to further skepticism about Ver’s exchange.
The exchange is reportedly offering “negative 0.3 percent trading fees,” a feature with which feature traders can earn money back on all their transactions.
It is interesting to note how Bitcoin.com is gradually spreading expanding its services beyond being a news and information site. In August 2017, Bitcoin.com launched a mobile wallet for Bitcoin(BTC) and Bitcoin Cash(BCH).
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