Truly, the crypto-verse has been awash with news that crypto-asset investors in the United States are having a hard time getting investment regulator, the SEC, to approve an exchange-traded fund.
This is not the same as their counterparts in the United Kingdom. The reason is that the UK futures trading companies are already listing more virtual currencies to their catalog.
UK-based crypto futures exchange, Crypto Facilities, has announced plans to add Bitcoin Cash (BCH) to a long list of virtual currencies that it will start trading. The announcement say it will launch the contract on its exchange today.
Well, the company, which is also a futures marketplace CME Group partner, noted that the addition will be in line with UK laws. Indeed, in line with the UK Financial Conduct Authority, trading of BCH futures will start at 4:00pm British Standard Time (BST), the company says.
Now, BCH futures have joined a list of other existing futures contracts, such as BTC, ETH, XRP and LTC. So, the company advised all investors to take the opportunity and consider both long and short BCH futures positions.
Also, Crypto Facilities said that the new feature will enable investors to broaden their investment opportunities as well as effectively hedge risks.
Crypto Facilities Management Speaks
Well, the chief executive officer of Crypto Facilities, Timo Schlaefer, told CoinDesk that it was only logical that they include BCH as a highly capitalized virtual currency. He noted that the move became expedient given that they had already added many other futures offerings.
What’s more? He predicted that BCH futures would be popular because his customers have shown huge interests in the existing futures. He added that the exchange has witnessed massive futures volumes as high as $180 million in 24 hours. On national pay days, futures trading hit between $20 million and $60 million, he added.
The CEO Gives More Insight
And Schlaefer noted that from 2015 to date, the firm has witnessed a surge in trading. Last year was the highest volume of trade we recorded, he said.
Although Crypto Facilities does not have a branch in the United States, it has partnered with CME Group to launch its BTC futures contract in December. So, Crypto Facilities has two BTC price indices: CME BTC Real Time Index and the CME CF BTC Reference Rate. Indeed, the two products underpin futures product from CME Group.
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