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UK Trading Platform Crypto Facilities Launches Bitcoin Cash Derivatives

August 20, 2018 02:30:58

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UK-based virtual currency futures exchange Crypto Facilities has added Bitcoin Cash (BCH) to its list of derivative offerings. According to a company statement, the USD-denominated service went live on Friday, allowing traders to long or short futures contracts that have BCH as the underlying collateral. The contracts join a list of derivatives currently offered by Crypto Facilities, which includes Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).

“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash futures. BCH is a top five coin with a market capitalisation of around $10 billion [according to CoinMarketCap data] and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class,”

Crypto Facilities CEO Timo Schlaefer stated.

Roger Ver, an adviser at Bitcoin Cash Association, also made an upbeat comment that the derivative listing is “another example of how BitcoinCash is proving itself to be one of the most innovative and useful cryptocurrencies in the world.”

Bitcoin Cash celebrated its first year of existence at the beginning of this month. Over this relatively short period of time, the coin has managed to list among the Top 10 cryptocurrencies by market capitalization. Currently, BCH is holding the number four spot on the chart, with a market cap of $9.8 billion. With a 1.11% drop in the last 24 hours, Bitcoin Cash is currently priced at USD 571.3.

Founded in 2015 and headquartered in London, Crypto Facilities is authorized and regulated by UK’s Financial Conduct Authority (FCA). The company also provides support to US CME Group commodities exchange, which launched its own BTC futures in December.

Earlier this year, Schlaefer said in an interview with industry news outlet CCN that the platform has seen strong growth in 2018 despite the bear market. He revealed that volume had increased 84% between the final quarter of 2017 and the first three months of 2018. The CEO also shared a positive outlook regarding the second quarter of the year, with volume expected to double that of the prior fiscal period.

Category: News

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