Coinex Exchange Opened By Mining Pool ViaBTC

Announcements, News | December 11, 2017 By:

Mining pool ViaBTC is opening an exchange service based in the United Kingdom. Called Coinex, the new digital currency exchange will exclusively host cryptocurrency-to-cryptocurrency markets and will use Bitcoin Cash as its base trading pair.

ViaBTC previously ran a cryptocurrency exchange in Mainland China. On September 30, the company shut down its exchange business after the Chinese government ordered the closure of all cryptocurrency exchanges. ViaBTC is first exchange to list futures markets for Bitcoin Cash, with tokens trading for approximately 2,200 yuan ($325 USD). The company have backed the currency with hashpower, as well as other services, and is now launching an exchange focused on the cryptocurrency.

Bitcoin Cash is a fork of bitcoin that was created in August 2017. Bitcoin Cash increases the size of blocks, allowing more transactions to be processed. The cryptocurrency is currently the third-largest digital currency, with a market cap of $23.6 billion.

At launch, Coinex will offer Bitcoin Cash trading pairs for bitcoin, ethereum, Litecoin, Zcash, and Dash. The new exchange will also introduce margin trading and futures trading with an over-the-counter (OTC) trading platform under development to supplement the ecosystem.

“The reason we chose BCH over BTC is that it has much faster transactions with low fees and better performance in terms of usability,” Sara Ouyang from ViaBTC.