Bitcoin.com hopes to launch futures contract for BCH
A week ago, prominent cryptocurrency website, Bitcoin.com, announced the launch of its cryptocurrency exchange. Roger Ver’s exchange, listed Bitcoin Cash, Bitcoin, Ethereum, XRP, Litecoin, and Dash. To lure traders, the exchange offered an array of promotional benefits including a trading fee of negative 0.03 percent.
David Shin, the new head of the recently launched exchange revealed that they are planning to launch a futures contract for Bitcoin Cash.
Bitcoin Cash [BCH] stands fourth on CoinMarketCap with a market cap of $5.37 billion. At the time of writing, the coin was valued at $298.46 with a 0.88% fall in its price in the last 24-hours.
According to a Bloomberg report, the company is focusing on increasing market capitalization of BCH by introducing futures contracts. Shin said,
“Within a year I want to make that the second- or third-largest market cap. To get from No. 4 to No. 3 or No. 2, we have to see more volume.”
However, Shin asserted that he is already talking to Commodity Futures Trading Commission-regulated exchange in order to list a BCH futures product.
Chicago Mercantile Exchange [CME] Group Inc. currently markets Bitcoin futures contracts and Shin aspires to discuss the same with them, urging the firm to list a BCH future. Shin hopes to acquire a surge in the users as well as trading and volume by listing BCH future on various platforms. He said,
“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 U.S. with institutional traders,”
Additionally, Shin highlighted the need for more contracts while suggesting that the next contract should be BCH. He said,
“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.”
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