Bit.com, a well-known cryptocurrency derivatives exchange, has announced the launch of first-ever Bitcoin Cash (BCH) options and perpetual swaps. This new product is first of its kind introduced by Bit.com on its derivatives exchange platform as the crypto exchange said in the blog post published on the 21st of January that the Bitcoin options product was not there in the industry until now.
Matrixport-developed major derivatives exchange said that it is going to introduce options market and perpetual swaps for Bitcoin Cash (BCH), the ninth-ranked digital currency. As per the announcement, the trading of Bitcoin Cash Options is set to start next month on February 1. The holders of BCH will now be able to access this product on the trading platform of the Bit.com exchange.
Reportedly, no other digital currency exchange or derivatives exchange has launched options’ product and perpetual swaps for Bitcoin Cash. Therefore, the Bit.com exchange is taking this initiative and is moving ahead with this product.
Perpetual swaps and options for the world’s two largest digital currencies in terms of market capitalization Bitcoin (BTC) and Ethereum (ETH) have already been introduced and are available on major cryptocurrency derivatives exchanges for trading. The top-ranked digital currency Bitcoin currently dominates the market of digital currency perpetual swaps as it represents 53 percent of the total share of the market. While on the other hand, Ethereum (ETH) counts for 20 percent of the total market share. Bitcoin Cash’s perpetual swaps market, which is relatively a new one, only accounts for 1 percent of the entire market share.
Bit.com is, however, hopeful that its newly-launched product will soon grow exponentially in the market. Bitcoin Cash is one of the world’s largest digital currencies in terms of market value, and it will now be competing with BTC and ETH’s perpetual swap markets.
Meanwhile, the Seychelles-based digital currency exchange has announced its new giveaway program in order to support its newly-introduced product. The exchange said that those users who will go with BCH’s perpetual contracts would be given BCH worth $100,000.