Viabtc Announces New Cryptocurrency Exchange With Bitcoin Money as Base Currency
Economics
The mining pool Viabtc has announced that it will launch a new cryptocurrency exchange based in the United Kingdom. The exchange, Coinex, will exclusively host cryptocurrency-to-cryptocurrency markets and will use Bitcoin Cash as its base trading pair.
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Viabtc has announced the launch of a new cryptocurrency exchange, following the closure of its prior exchange on September 30th due to the Chinese cryptocurrency crackdown. Public records indicate that Coinex filed for incorporation in the United Kingdom on December 4th.
Sara Ouyang, Viabtc’s chief operating officer, has cited lower charges as the catalyst for the choice to use bitcoin money as the base currency for the exchange. “The purpose we chose [BCH] more than [BTC] is that it has much quicker transactions with low costs and much better overall performance in terms of usability,” Ouyang stated. Viabtc is 1 of the three largest BCH mining pools.
Ouyang indicated that the firm intends to offering margin trading and cryptocurrency derivative trading products in future. Viabtc also indicated that they are in the method of establishing an over-the-counter (OTC) trading platform, with Ouyang stating that such will “supplement the ecosystem.”
In July, Viabtc became the first exchange to list futures markets for the then non-existent Bitcoin Cash, with tokens trading for about 2,200 yuan ($325 USD). Just two months later, the exchange announced that it would discontinue offering exchange services to buyers based in mainland China on September 30th due to the Chinese cryptocurrency crackdown.
Last month, Bitcoin Money underwent a difficult fork that sought to repair the cryptocurrency’s Difficulty Algorithm Adjustment (DAA). Because the fork, the erratic block time intervals previously witnessed have ceased. The comparative mining profitability between BCH and BTC has leveled out and remained constant in recent weeks. BCH has also witnessed a constant boost in the quantity of transactions processed on its network, signifying developing use and adoption. The Coinex exchange is set to launch this month according to the website.
Do you feel much more exchanges will adopt Bitcoin Cash as their base trading currency? Share your thoughts in the comments section below!
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Published at Sun, 10 Dec 2017 00:30:32 +0000
