Jihan Wu’s Bit.Com Plans To Launch The First Ever Bitcoin Cash (BCH) Option Contracts
- Bitmain founder Jihan Wu launches Bitcoin Cash (BCH) perpetual swaps on Bit.com exchange.
- The exchange teases the world’s first BCH option contracts.
Bit.com, a Jihan Wu-owned exchange, announced on Wednesday, plans to add perpetual swaps of Bitcoin’s fork project, Bitcoin Cash (BCH). Reports from Chinese blockchain insider Colin Wu further confirms that the exchange is planning to become the first to offer BCH option contracts.
Bit.com Introduces BCH Perpetual Contracts
In a tweet sent out on Wednesday Colin Wu stated Bit.com, a Seychelles incorporated crypto exchange, has added Bitcoin Cash (BCH/USDT) perpetual swaps to its list of crypto derivatives. The exchange was founded by Jihan Wu, the ousted founder of Bitmain, the largest cryptocurrency mining rig producer, to offset the latter’s losses.
The BCH/USDT perpetual contract launches Thursday, January 20th, offering traders up to 33X leverage on their trades. To increase participation in the new swaps, Bit.com will airdrop up to $100,000 in BCH tokens to any new users and traders who haven’t used the exchange before Jan 20. The deadline to participate in the airdrop ends January 27, with a maximum of $10 being paid out per trader.
https://t.co/RHP3U2nijc founded by JihanWu will launch a BCH perpetual contract on January 20, which supports up to 33 times leverage and airdrops up to $100,000 in BCH to new users and traders. https://t.co/RHP3U2nijc will launch the industry’s first BCH option on February 1st. pic.twitter.com/LlexhK3Hyw
— Wu Blockchain (@WuBlockchain) January 20, 2021
The exchange will also offer additional bonus rewards for registration on the platform, KYC compliance, joining the Bit.com social media channels, interacting with the community, and too large BCH depositors with at least 5 BCH (~$2,400).
Wu Teases the First-Ever BCH Option Contracts
Additionally, Bit.com is set to become the first exchange ever to list BCH option contracts on February 1, 2021, Coin Wu confirmed. At launch, the BCH option contracts will be settled in Tether (USDT) only to boost the overall market participation in these new derivatives.
According to the Chinese crypto market inside man, Jihan Wu is launching the BCH derivative products to cover the losses made by Bitmain on BCH. Matrixport, the parent firm of Bit.com, announced its plans to launch Bitcoin derivatives back in July 2020 as Wu and Bitmain’s co-founder, Micree Zhan fought over control of Bitmain. Colin Wu’s tweet reads,
“Jihan Wu has been attacked internally. Therefore, in recent years, he has made few public opinions on BCH,”
“Bitmain will be split within a week, and he may pay more attention to the BCH ecology.”