Odaily Frontline | BCH futures coming? This company wants to make BCH the second-largest cryptocurrency

This article comes fromBloombergBloomberg

Odaily Translator |

, original author: Eric Lam

Odaily Translator |

Bitcoin.com, a company backed by crypto evangelist Roger Ver, is working on several ideas to boost interest in bitcoin cash, including futures contracts.

David Shin, head of the company's exchange division, said the goal is to make bitcoin cash one of the largest cryptocurrencies in the world after bitcoin. Shin previously served as Asia Head of Global Equity Derivatives Sales at TD Securities.

“Within a year, I would like to make it the second or third largest [cryptocurrency] by market capitalization. To go from fourth to third or second, we have to see more volume,” he said.

To generate such volume, Shin said he has begun discussions to list a bitcoin cash futures product on an exchange regulated by the U.S. Commodity Futures Trading Commission (CFTC), and is “willing to discuss listing BCH futures with CME.” The group company is currently selling bitcoin futures contracts.

Shin also hopes to partner with a retail broker so U.S. investors can trade regulated products.

“We will try to list BCH futures on one of these exchanges, which is regulated by the CFTC, so institutional traders can trade this product in the United States. In theory, we should see more penetration, more users, more transactions, and more transaction volume."

On the retail side, Shin hopes to develop an eSports-like trading tournament, with the ultimate goal of creating crypto influencers — disseminating information to investors, making them attracted to an industry that is still strongly celebrity-driven.

Shin joined Bitcoin.com in late August to run the exchange, which the company debuted Sept. 2. Roger Ver is one of the most famous supporters of Bitcoin Cash, known in the industry as "Bitcoin Jesus". In August of this year, he appointed Stefan Rust as the new CEO of Bitcoin.com. He no longer served as CEO and became executive chairman. .

Shin faces a daunting task.

While Bitcoin Cash’s market capitalization has doubled this year to about $5.4 billion, it currently ranks fourth; it is far behind the top three cryptocurrencies BTC, ETH and XRP. According to data from CoinMarket Cap, Bitcoin has a market capitalization of about $183.1 billion.