Over a month ago, Crypto Facilities, a UK-based crypto futures exchange, launched the Litecoin derivatives contract. The news, first reported by Cointelegraph, reported the addition of Litecoin as underlying collateral to the pre-existing Bitcoin futures contracts that the exchange company offered.
Increasing Demand for Futures Contracts
According to Timo Schlaefer, the CEO of Crypto Facilities, the move was in response to “significant client demand for a futures product referencing Litecoin”.
Given that Litecoin is one of the most liquid cryptocurrencies, Schaefer also mentioned that there had been a “strong growth” in the trading volumes of a crypto futures contract by up to “84 percent in the 1st quarter of 2018 compared to the 4th quarter of last year”.
Crypto Facilities announced the addition of yet another cryptocurrency to its futures contract trading platform on Friday. According to the announcement, Bitcoin Cash is set to be the latest addition to the platform.
BCH Futures Trading to Kick Off Soon
Reports further mention that the trading of Bitcoin cash future is set to kick off at 4pm British Standard time (BST).
Once again, Schlaefer mentioned that Bitcoin cash is a “top five cryptocurrency by market cap so it was a logical next step to add BCH” to the list that includes Ethereum, Ripple, Litecoin and Bitcoin.
Based on past interest by Crypto Facilities customers, Schlaefer noted that the company has “seen volumes as high as $180 million in a 24 hours period and have average daily volumes ranging from $20–60 million notional per day. “
As a result, Crypto Facilities expects the trading of BCH to be “as successful as” BTC, ETH, LTC, and XRP as they are currently trading in “significant volume”
Crypto Facilities is regulated by the UK Financial Conduct Authority and has seen a steady increase in the trading volume of cryptocurrency derivatives since 2015. However, even as volatility increases in the overall crypto market, the company’s CEO noted that in the past year they posted their “highest growth so far”.
Even though there is no US branch for Crypto Facilities, their partnership with CME Group launched Bitcoin futures contracts ,enabling Crypto Facilities to have two Bitcoin price indexes.
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What do you think about Crypto Facilities move to add BCH to its futures trading platform? Do you think BCH will perform as well as other cryptocurrencies? Share your thoughts with us in the comments section.