Roger Ver’s new platform Bitcoin.com is preparing to launch a futures contract for Bitcoin Cash (BCH), the platform’s head David Shin told Bloomberg today, on Thursday, Sept 12.
Derivatives for Bitcoin Cash
Also known as Bitcoin Jesus, Roger Ver has recently launched a new crypto exchange on Bitcoin.com which wasn’t well-received by the crypto community. Ver initially gained notoriety when the Bitcoin Cash emerged as a fork of Bitcoin in 2017.
Since then, he has been heavily criticized for switching his interest from Bitcoin to Bitcoin Cash, with few crypto enthusiasts accusing him of scamming people following the launch announcement of Bitcoin.com as a crypto exchange.
In totality, Ver’s profile has become the controversial public figure in the overall crypto industry.
With that being said, Ver and its exchange lack the expected support from the community. Despite that, the platform seems relentlessly working to ramp up the Bitcoin Cash as the world’s largest cryptocurrency behind Bitcoin. As one step ahead approach, Bitcoin.com’s head David Shin said he is already in talks with Commodity Futures Trading Commission (CFTC) to list BCH-derivatives product. Shin asserts;
“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,” Shin said.
Bitcoin.com Seeks to Bring BCH to No.3 or No.2 Spot By Marketcap
At press time, BCH is the fourth-largest cryptocurrency, holding the market capitalization of $5,334,620,926. While Bitcoin is still the king crypto, Ethereum and XRP follow the second and third spot respectively. However, as per Bitcoin.com’s head, Shin, the platform aims at bringing BCH to the second or third largest crypto by market cap. He added;
“To get [BCH] from No. 4 to No. 3 or No. 2, we have to see more volume.” Adding the timeline, “within a year,”.
Besides CFTC futures exchange, Shin also expressed his interest of discussing BCH listing with the CME (Chicago Mercantile Exchange & Chicago Board of Trade) which is already serving bitcoin futures contract to users since 2017.
In recent years, all three most substantial crypto assets – BTC, ETH, and XRP have strongly rapt to their No.1, No.2, and No.3 position- although XRP dethroned ETH in 2018 shortly, and later ETH regained its No.2 position.
It remains to see how well Bitcoin Cash (BCH) will flourish in the market within one year – given the ongoing drop of XRP, the third-largest cryptocurrency.
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