Technology: Ver’s Bitcoin.com Seeks to Launch Derivative for Bitcoin Cash - PressFrom - US
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TechnologyVer’s Bitcoin.com Seeks to Launch Derivative for Bitcoin Cash

09:35  12 september  2019
09:35  12 september  2019 Source:   msn.com

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Bitcoin . com , the firm backed by crypto evangelist Roger Ver , is working on multiple ideas to ramp up interest in Bitcoin spinoff Bitcoin Cash The goal is for Bitcoin Cash to become one of the largest cryptocurrencies in the world behind Bitcoin , according to the new head of its recently launched

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(Bloomberg) -- Bitcoin.com, the firm backed by crypto evangelist Roger Ver, is working on multiple ideas to ramp up interest in Bitcoin spinoff Bitcoin Cash, including a futures contract.

The goal is for Bitcoin Cash to become one of the largest cryptocurrencies in the world behind Bitcoin, according to the new head of its recently launched exchange unit, David Shin, who was most recently Asia head of global equity derivative sales at TD Securities.

“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.”

To generate that volume, Shin said he has begun discussions to list a Bitcoin Cash futures product on a Commodity Futures Trading Commission-regulated exchange, and “would love to speak with CME about listing a BCH future.” CME Group Inc. currently markets Bitcoin futures contracts.

SEC Delays Cryptocurrency ETF Decisions, Citing Market Concerns

SEC Delays Cryptocurrency ETF Decisions, Citing Market Concerns The U.S. Securities and Exchange Commission again delayed a decision on approving two Bitcoin exchange-traded funds, dealing another blow to those in the cryptocurrencies community holding on to the belief that a favorable decision was imminent. The regulator postponed until October a ruling on whether listing rules can change to allow the two funds to start trading. Decisions on both the Bitwise Bitcoin ETF Trust, which wants to track the 10 largest digital tokens, and the VanEck SolidX Bitcoin Trust have been repeatedly pushed back. Bitcoin was weaker much of the day ahead of the decision and traded down about 3.

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Ver’s Bitcoin.com Seeks to Launch Derivative for Bitcoin Cash© Bloomberg Investors still sticking with Bitcoin as Bitcoin Cash trails

Shin is also looking to work with a retail broker so U.S. investors can 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 U.S. with institutional traders,” he said. “In theory we should see more penetration, more users, more trading and more volume.”

On the retail side, Shin wants to develop an eSports-like trading tournament whose ultimate goal is to create crypto influencers -- people retail investors will gravitate to in an industry that remains strongly personality-driven.

Shin joined Bitcoin.com at the end of August to run its exchange business, which debuted Sept. 2. Ver, one of the most prominent supporters of Bitcoin Cash and known in the industry as “Bitcoin Jesus,” became executive chairman in August when he appointed Stefan Rust as the new CEO of Bitcoin.com.

Even Cryptocurrencies Are Now Getting Clobbered In This Market

Even Cryptocurrencies Are Now Getting Clobbered In This Market Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further. After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this week to push it’s price to around $10,200. The token, which last traded below $10,000 on Aug. 1, had climbed as high as $13,852 on June 26.Ether slumped as much as 12% Wednesday, while XRP slumped as much as 20% in a sudden early afternoon sell-off.

Bitcoin . com ' s software wallet supports both Bitcoin Core (BTC) and Bitcoin Cash (BCH). Follow the steps below to create a Bitcoin Cash wallet Bitcoin Cash is the version of Bitcoin in which the original properties of digital money still exist. Bitcoin Cash features a blocksize limit to 8mb.

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Shin will have his work cut out for him.

While Bitcoin Cash has doubled in market value this year to about $5.4 billion, it’s well behind the top three cryptos Bitcoin, Ether and XRP. The largest digital currency is worth about $183.1 billion, according to data from Coinmarketcap.com.

Read: Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency

Bitcoin Cash is the result of clashes among various factions disagreeing on the future development of the base Bitcoin blockchain. Given mainstream investors’ skepticism for even the original flavor of Bitcoin, it’s an even more difficult proposition drumming up interest in alt-coins further down the food chain.

“I don’t think the institutions really know what BCH is, so I want to be out there to change that rhetoric,” Shin said. “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.”

To contact the reporter on this story: Eric Lam in Hong Kong at [email protected]

To contact the editors responsible for this story: Christopher Anstey at [email protected], Joanna Ossinger, Andreea Papuc

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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