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.
Bitcoin Cash Will Be the Base Currency on Coinex
Viabtc has announced the launch of a new cryptocurrency exchange, following the closure of its previous 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 fees as the catalyst for the decision to use bitcoin cash as the base currency for the exchange. “The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang stated. Viabtc is one of the three largest BCH mining pools.
At Launch, Viabtc’s New Exchange Will Offer Bitcoin Cash Trading Pairs for Bitcoin, Ethereum, Litecoin, Zcash, and Dash
Ouyang indicated that the company intends to providing margin trading and cryptocurrency derivative trading products in future. Viabtc also indicated that they are in the process of developing 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 approximately 2,200 yuan ($325 USD). Just two months later, the exchange announced that it would discontinue providing exchange services to customers based in mainland China on September 30th due to the Chinese cryptocurrency crackdown.
Last month, Bitcoin Cash underwent a hard fork that sought to fix the cryptocurrency’s Difficulty Algorithm Adjustment (DAA). Since the fork, the erratic block time intervals previously witnessed have ceased. The comparative mining profitability between BCH and BTC has leveled out and remained consistent in recent weeks. BCH has also witnessed a consistent increase in the number of transactions processed on its network, signifying growing use and adoption. The Coinex exchange is set to launch this month according to the website.
Do you think more exchanges will adopt Bitcoin Cash as their base trading currency? Share your thoughts in the comments section below!
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