Bitcoin.com CEO Seeks to Gain Traction via Trading Platform
Roger Ver, CEO of Bitcoin.com
Early Bitcoin proponent-turned Bitcoin Cash advocate, Roger Ver, has reportedly been considering the idea of launching a new cryptocurrency exchange platform.
The controversial investor, known as “Bitcoin Jesus” for his early support for the cryptocurrency, told Bloomberg that Bitcoin.com has all the resource it needs to build an exchange at an incredibly low cost.
“If we build it ourselves, we can do it really, really cheap, and we get exactly what we want,” he said of the firm’s early-stage plans. “But we don’t have the security of a battle-tested exchange that’s been around for a while.”
Ver failed to provide any additional details about the exchange. As the plans for the platform are still in the early stages, Ver said that he had not decided whether to build it internally from the ground up or seek a partner in order to acquire a platform that is already up-and-running.
No matter how the company chooses to build the exchange, the platform would definitely be hosted at Bitcoin.com, which already operates a mining pool and a cryptocurrency wallet that supports both BTC and BCH. That way, Ver could tap the traffic already running through his website for services ranging from news to wallet operations.
Ver Looking to Increase BCH Adoption
According to Bloomberg, Ver might also be looking to build an exchange a way to increase adoption of Bitcoin Cash, which has struggled to gain traction after it was spun off from Bitcoin in 2017.
Ver told the publication that Bitcoin Cash would be the base-currency for the exchange, and he expects “thousands or tens of thousands of new users every single day.” He also believes that hosting the exchange at Bitcoin.com would provide the platform with “instant liquidity” due to the website’s current popularity.
However, Ver’s announcement comes at a critical time both for Bitcoin.com and bitcoin cash. In November 2017, the company received a large amount of backlash for quietly updating the Bitcoin.com wallet to default to bitcoin cash rather than bitcoin. According to Alexa, an online traffic analytics firm owned by Amazon, Bitcoin.com has become significantly less attractive in the second half of 2018 than it was in the first.
It is also unclear how popular Ver’s exchange could get, as BCH is rare among other exchanges as users don’t use it as a base currency when trading. According to CoinMarketCap, CoinEx is the only major exchange that offers liquid markets denominated in BCH.
Featured image by Ilya