Bit.com Exchange Platform Set to Create a New Crypto Record

Bit.com Exchange Platform Set to Create a New Crypto Record

Chinese-owned digital exchange platform bit.com is set to create a crypto record by becoming the first firm to offer BCH option contracts. The platform designed by Chinese international Jihan Wu disclosed its desire to include perpetual swaps of Bitcoin’s fork project Bitcoin Cash (BCH) to the list of available assets.

The Seychelles-based digital exchange firm revealed this on Wednesday through the founder’s official Twitter handle. A china based cryptocurrency reporter Colin Wu Wu believes the addition of the new crypto-assets will happen faster than expected because Bit.com has added Bitcoin Cash (BCH/USDT) perpetual swaps to its operation.

BCH will be available to all Bit.com users Starting from February

According to the post published by Jihan Wu, the new development will take effect on February 1, meaning all Bit.com users can now enjoy close to 33X trading profits as long as they are engaged in the newly introduced BCH/USDT swap contacts. As part of the platform’s desire to see more of its users participate in the swap contract, Bit.com is willing to airdrop close to $100,000 in BCH tokens to new users who are yet to use the platform before January 20. However, the ongoing program will come to an end on January 27 this year.

Crypto users registering with Bit.com are equally eligible to benefit from the company’s ongoing promo. To benefit from the program, they must complete some compulsory tasks such as becoming a member of the platform’s social media outlets, maintaining regular communication with other members of its social media platforms, and depositing at least 5 BCH (approximately $2,400).

Jihan Wu on a mission to recover Bitmain’s losses

Having recorded a great loss in his first crypto mining Bitmain, Jihan Wu’s mission is to regain all of the capital loss when he was in charge of the company. Though the plan to launch the BCH derivative product was first announced in July 2020 by the platform’s parent firm Matrixport, the plans didn’t go through due to the negative effects of the covid-19 pandemic, which affected every sector. Hopefully, the exchange platform will be able to execute its longtime plan.

In our daily report on the current price of digital assets in the industry, we begin with Bitcoin, which is currently valued at $31,894 as it continues its slump, which has seen it dropped over $9000 (11% reduction in price) in less than two weeks. Ethereum, the second-largest cryptocurrency, isn’t doing too great after failing to maintain its bullish run.

Though it is far from crashing, the digital asset is far from equalling the high it reached a few days back. As it stands, it is valued at just $1,214 per unit. Bitcoin Cash presently stays at $435 while Litecoin is $141. As much as they all desire to see Bitcoin return to its best status, many crypto investors are set to turn their attention to Ethereum and other Altcoins for the time being while they keep close tabs on the world’s most valuable digital asset.