Viabtc Announces New Cryptocurrency Exchange With Bitcoin Cash as Base Currency

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.
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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.