Just a week ago the website announced the launch of its cryptocurrency exchange. The exchange had listed various cryptocurrencies, including Dash, Litecoin, XRP, Ether, Bitcoin, and Bitcoin Cash. As a promotional offer, the platform is offering multiple benefits. These include a trading fee of negative 0.03 percent.
Futures contract for Bitcoin Cash
Recently, David Shin the head of the new cryptocurrency exchange revealed that the company plans on launching a futures contract for Bitcoin Cash.
Bloomberg reported that the company is planning on assisting Bitcoin Cash by launching it on its platform. The currency is currently trading at slightly below three hundred dollars ($298.46). The price action is not performing too well as the price fell by almost one percent (0.88%) across the last twenty-four hours.
David Shin wanted to increase the crypto’s market cap to take it up to the top three cryptocurrencies. Bitcoin Cash has a market cap of over five billion dollars ($5.37). On the other hand, Bitcoin has a market cap of around two hundred billion dollars ($185.7B). Meanwhile, Ethereum and XRP have market caps of almost twenty and eleven billion dollars ($19.50B and $10.95B).
Shin believes that this can be achieved by increasing the cryptocurrency’s trade volume. The company hopes to do this through BCH futures trading. The company is already in talks with Commodity Futures Trading Commission (CFTC) over the BCH futures product.
Shin thinks that many institutions do not realize what BCH is, and he wants to change that. He said that if two contracts are not enough, the company may increase the number up to five. All this to support the cryptocurrency.