ViaBTC Debuts New Cryptocurrency Exchange, Bitcoin Cash as Base Currency

Photo from ViaBTC's Facebook page

One of the three largest BCH mining pools ViaBTC has announced the launch of its latest digital currency exchange based in the United Kingdom. The Coinex exchange will host cryptocurrency-to-cryptocurrency markets and will carry Bitcoin Cash as its base trading pair.

After the closure of its previous exchange on September 30 following the digital currency shutdown in China, ViaBTC has announced the launch of a new virtual currency exchange. As indicated on public records, Coinex registered for incorporation in the United Kingdom on December 4.

Chief operating officer of ViaBTC Sara Ouyang referred to lower fees as the catalyst for the decision to use Bitcoin Cash as the base currency of the exchange. Ouyang explained, “the reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability.”

The new exchange of ViaBTC will offer Bitcoin Cash trading pairs for Bitcoin, Ethereum, Litecoin, Zcash, and Dash during the launch. Ouyang mentioned that the company wants to provide margin trading and digital currency derivative trading products soon. ViaBTC also indicated that they are in the process of establishing an over-the-counter (OTC) trading platform which according to Ouyang will “supplement the ecosystem.”

ViaBTC is the first exchange to list futures market for Bitcoin Cash even before its official launch. Tokens trade for around 2,200 yuan, equivalent to 325 dollars. However, two months after its listing in July, the exchange announced that it would stop providing exchange services to customers based in China on September 30 because of the Chinese digital currency crackdown.

Bitcoin Cash underwent a hard fork that attempts to address the virtual currency’s Difficulty Algorithm Adjustment (DAA) last month. As a result, the previous erratic block time intervals have ceased. Over the past weeks, the relative mining profitability between BCH and BTC has leveled out and remained consistent. There has also been a steady increase in the number of BCH transactions processed on its network, signifying growing use and adoption. As per the posting on the website, Coinex exchange is set to launch this month.