Bitcoin.com, a firm that has backing from crypto investor Roger Ver is currently preparing for the launch of Futures Contract for Bitcoin Cash (BCH).
Currently, Bitcoin Cash is the fourth largest cryptocurrency in the crypto market. David Shin, the head of the newly launched crypto exchange of Bitcoin.com recently expressed interest to make Bitcoin Cash the world’s largest cryptocurrency after Bitcoin. Shin said, “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.”
David was previously at TD Securities as the Asia head of Global Equity Derivatives Sales. He is now heading the launch of Future Contracts for Bitcoin.com. Commenting on plans of future contracts, Shin 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”. He also said, “In theory, we should see more penetration, more users, more trading and more volume.”
To generate that kind of volume, Shin said that his discussion has started to list a Bitcoin Cash futures product on a Commodity Futures Trading Commission-regulated exchange, and expressing his interest he said that he “would love to speak with CME about listing a BCH future.” Bitcoin futures contracts are currently being marketed by CME Group Inc.
On the retail side, Shin is keen on developing an eSports-like trading tournament with the goal to create crypto influencers. These will be people that retail investors will gravitate to in an industry and that remain strongly personality-driven.
While the value of Bitcoin Cash in the market has doubled to about $54 billion this year, it is still behind the top three cryptocurrencies- Bitcoin, Ether, and XRP. According to the data available on coimarketcap.com, the largest digital currency is worth approx. $183.1 billion.
Bitcoin Cash came into existence as a result of clashes between various factions that disagreed on the future development of the base Bitcoin Blockchain. Given the skepticism of investors for Bitcoin, it is even more difficult to proposition their interest in altcoins in the future.
To this, Shin feels that “I don’t think the institutions really know what BCH is, so I want to be out there to change that rhetoric,” . Continuing he 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.”