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Bitcoin Cash: Chinese ‘Big 3’ Exchanges Huobi & OKCoin Launch Trading

Last Updated March 4, 2021 4:58 PM
Samburaj Das
Last Updated March 4, 2021 4:58 PM

Two of China’s ‘big three’ cryptocurrency trading platforms are now officially supporting Bitcoin Cash (BCC) after launching trading today.

In official  announcements today, Huobi and OKCoin began supporting Bitcoin Cash, a digital currency blockchain launched on August 1 as an alternative to bitcoin with a focus on a peer-to-peer electronic cash transfers over being a settlement layer.

In roughly translated statements, Huobi put the spotlight on the ‘great’ trading volumes of Bitcoin Cash since its launch whilst stating that both ‘mainstream international and domestic trading platforms’ support Bitcoin Cash. Given these developments, Huobi launched a new BCC/CNY (Bitcoin Cash/Chinese Yuan) trading pair at 17:30 local time on Tuesday.

“BCC (Bitcoin Cash) is a digital asset generating from the Bitcoin ABC software. Bitcoin ABC is a full node implementation of the Bitcoin protocol,” read Huobi’s explainer.

Notably, it also added:

It [BCC] has removed the controversial Segwit code, replacing it with a simple, sensible, adjustable blocksize cap.

OKCoin also enabled deposits and sport trading of Bitcoin Cash at 06:00 Eastern Standard Time today, with trading fees of 0.01% for the rest of the week. The now-mandatory trading fee is set increase to 0.05% the following week.

“To ensure a safe trading environment and to avoid potential 51% attacks and transaction malleability, there will be increased security verifications when depositing BCC,” OKCoin added.

Bitcoin cash prices touched $1,000 over the weekend following a marked surge in trading on Korean exchanges. Bitcoin cash’s value had more than tripled in a matter of days, going up from $300 on August 17 to over $1,000 on August 19. After the all-time highs, bitcoin cash prices fell yesterday following the weekend bloom.

At the time of publishing, bitcoin cash is up over 10% on the day, trading near $700 according to data from CoinMarketCap.

Featured image from Shutterstock.