Bitcoin.com is trying to get Bitcoin Cash listed on an officially regulated futures exchange in the United States. The asset in question is currently the #4 cryptocurrency on CoinMarketCap with a market cap of $5.3 billion, although this is far smaller than Bitcoin’s market cap of $185.5 billion.
The fork of Bitcoin has been struggling to get recognition ever since splitting off but despite spending a lot of money on marketing and even an exchange, the altcoin has been languishing in the rankings. As David Shin, the head of Bitcoin.com’s exchange unit, says:
“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”.
The lack of volume suggests a lack of interest, and Shin claims to be already in talks with the Commodities Futures Trading Commission (CFTC), which is in charge of futures markets in the United States. Also, Shin wishes to speak to the Chicago Mercantile Exchange (CME), which hosts the biggest Bitcoin futures exchange in the United States.
It is easier said than done to list a cryptocurrency on a United States futures exchange, however. The CFTC has rejected many proposals for Bitcoin and other cryptocurrency futures markets, and at this time there are only a couple of Bitcoin futures markets in the United States, which are on CME and Bakkt. Additionally, even if successful, the process of getting a new futures market approved by the CFTC can take many months or sometimes well over a year as was the case with Bakkt.
Image Courtesy: Pixabay