A new U.K.-registered exchange called CoinEx is set to launch in late December 2017, with one novel point: it will trade only Bitcoin Cash (BCH) currency pairs. The cryptocurrency-only exchange is backed by the same management as ViaBTC, and will be available globally.
CoinEx to Trade Only BCH Pairs, Will Introduce Margin and Futures Trading
At launch, CoinEx will trade the following pairs: BTC/BCH, ETH/BCH, LTC/BCH, ZEC/BCH, DASH/BCH. The next phase will introduce margin trading and futures, and it’s also developing an over-the-counter (OTC) trading platform.
In its launch announcement, ViaBTC said of the (fairly radical) business idea: “The reason we chose BCH over BTC is that it has much faster transactions with low fees and better performance in terms of usability.”
ViaBTC, originally based in China, has been one of the biggest corporate backers of Bitcoin Cash — in fact, it was the first to even use that term publicly, trading BCH (then BCC) tokens even before the August 1st 2017 hard fork happened. It is also one of the top three BCH mining pools.
The company told Bitsonline its philosophy is to back anything that supports the long-term development of Bitcoin. The exact meaning of that statement may differ depending on your perspective, but as long as any cryptocurrency remains valuable and popular, ViaBTC will use it.
Chinese Companies Setting up Shop in UK
CoinEx announced its launch in late November with a bare-bones website and a single tweet, but didn’t give away any details.
CoinEx is a Global Digital Coin Exchange. We are coming soon! Visit https://t.co/hF0cdLDJDd
— CoinEx Global (@coinexcom) November 23, 2017
Eagle eyes noticed ViaBTC — with its Cayman Islands entity Viabtc Inc. and CEO Haipo Yang — had filed to incorporate CoinEx Technology Ltd. in the U.K. on December 4th. In doing so, it joined other big-name Chinese exchange operators OKCoin and BTCC in establishing a foothold there.
What do you think of CoinEx’s radical direction? Let us know in the comments.
Images via CoinEx, Pixabay
The ‘Bitcoin Cash’ section at Bitsonline is sponsored by Bitcoin Cash. In hopes of bringing cryptocurrency to the masses, Bitcoin Cash has set out to provide a digital currency with on-chain scalability, so everyone can use the blockchain affordably. Learn more at BitcoinCash.org and join the official Telegram Group.