U.K.-Based Crypto Facilities Adds Bitcoin Cash Futures to Its Offerings
U.K.-based cryptocurrency futures exchange Crypto Facilities, which is regulated by the U.K. Financial Conduct Authority, is adding a bitcoin cash product to its offerings, a press release shared on the exchange’s website reveals. Trading for the bitcoin cash-dollar (BCH/USD) futures began today, August 17, 2018, at 4:00 p.m. GMT +1 (11:00 a.m. EST).
The addition of the new contract will enable investors to take long or short positions in bitcoin cash, allowing them to "broaden [their] investment opportunities" and hedge investment risks. The contracts join a list of derivatives currently offered by Crypto Facilities, which includes Bitcoin, Ripple XRP, Ether and Litecoin futures.
At launch of the litecoin futures, CEO of Crypto Facilities, Timo Schlaefer, said there was “strong client demand” for the product and he believes the "LTC-Dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets."
Now, in rolling out BCH futures, Schlaefer claims that the new offering will bring even more liquidity and exposure to the maturing market.
"We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash [sic] futures. BCH is a top five coin with a market capitalization of around $10 billion and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class,” Schlaefer commented.
Crypto Facilities rose to prominence in 2017 when it partnered with CME Group to launch the first bitcoin futures contract. Currently, Crypto Facilities powers the CME CF Bitcoin Reference Rate Index and the CME CF Bitcoin Real-Time Index.
The addition of the BCH futures comes on the heels of a Bitmain IPO, the crypto mining giant that allegedly holds more than 1 million Bitcoin Cash, worth nearly $550 million at the present exchange rate, according to Bitmain's investor deck.