Former TD Securities Exec Aims for Bitcoin Cash (BCH) Futures in Quest to Shoot Past XRP
David Shin, the former Asia head of global equity derivatives at TD Securities, is leading an effort to spark enough volume to make Bitcoin Cash one of the three most valuable cryptocurrencies in the world. Currently ranked as the fourth largest crypto by market capitalization, BCH would need to more than double in value to overtake XRP, the third-largest crypto, growing from $5.3 billion to over $10.9 billion.
Says Shin, who serves as the head of Bitcoin.com’s new cryptocurrency exchange which launched on September 2nd,
“Within a year I want to make that the second- or third-largest market cap. To get from No. 4 to No. 3 or No. 2, we have to see more volume.”
According to a Bloomberg report, Roger Ver, the backer of Bitcoin Cash and founder of Bitcoin.com, is planning the path forward by breaking into the derivatives market. The company is currently weighing the prospect of launching a Bitcoin Cash futures product on a fully regulated exchange. Shin says he hopes to talk to CME Group, which lists Bitcoin futures.
He tells Bloomberg,
“In theory we should see more penetration, more users, more trading and more volume.”
“I don’t think the institutions really know what BCH is, so I want to be out there to change that rhetoric. There’s a real opportunity if we believe two contracts are not enough, and maybe three to five is the right number, that the third one should be Bitcoin Cash.”
Currently the crypto markets are turning in a sluggish performance, losing over $20 billion in the past three weeks on low trading volume.