Friday, January 27, 2023

New Exchange CoinEx Will Trade Only BCH Currency Pairs

New Exchange CoinEx Will Trade Only BCH Currency Pairs

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.

Also read: Holy Volatility! Bitcoin Price Retraces, BCH and Altcoins Grab Some Cash

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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.

CoinEx logoIn 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.

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

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