Chinese Blockchain journalist and insider Colin Wu announced that Bitmain founder Jihan Wu has started offering derivatives in Bitcoin Cash (BCH) through his platform, Bit.com. According to Wu, he also plans to launch the first BCH / USDT option in the history of cryptocurrencies.
Jihan Wu, founder of cryptocurrency mining hardware assembly company Bitmain , is now offering derivatives (perpetual swaps) of Bitcoin cash (BCH) , according to Chinese crypto and Blockchain journalist Colin Wu.
It is worth explaining that perpetual swaps are virtual derivatives that allow users to speculate on the direction of the price of digital assets. Its mechanism is said to be very similar to that of a futures contract , but without expiration or daily settlement.
Through Bit.com , a small centralized cryptocurrency exchange incorporated in Seychelles, it aggregates BCH / USDT perpetual exchanges . This launch is accompanied by a lucrative promotional campaign with a USD $ 100,000 airdrop for the first operators.
The note says that up to 33x leverage will be available to all BCH / USDT traders. According to the official Bit.com announcement , only new users (who have not used Bit.com products before January 20, 2021) are eligible for the airdrop . The maximum bonus for a merchant is USD $ 10 in the equivalent of Bitcoin Cash (BCH).
The campaign will close on January 27 and BCH payments for participants will be made within three days of the end of the campaign.
In addition, Bit.com offers seven types of BCH bonuses for registering, sending KYC (Know Your Customer) information , joining social media channels and depositing large sums of Bitcoin Cash (starting at 5 BCH, which is equivalent to USD $ 2,600).
On February 1, 2021, Colin Wu notes, Bit.com will also add the first Bitcoin Cash (BCH) options . Therefore, the service (with only one active pair, BTC / USDT, on Coinmarketcap so far) is focused on the adoption of Bitcoin Cash.
According to journalist Colin, Jihan Wu decided to go all out due to the “ huge losses in BCH ” born by Bitmain . They, in turn, resulted in insider attacks on the former CEO and co-founder.
Jihan Wu left Bitmain in late 2020 with compensation of $ 76 million for his 20% stake.
Thanks to its policy, Bitmain , the world's largest mining producer , may have invested more than $ 888 million in Bitcoin Cash (BCH) , or 69 percent of its record 2017 cash flow.
