Business 10 October 2018

Paul How

Roger Ver planning Bitcoin.com crypto exchange

Early Bitcoin Cash (BCH) user and investor Roger Ver has declared his plan to set up his own cryptocurrency exchange, according to Bloomberg.

The exchange will be available through Bitcoin.com, of which Ver is CEO, “so we’ll have thousands or tens of thousands of new users every single day,” he said. The website already offers his wallet app.

At this stage, Ver is still deciding whether to get a partner to create the exchange with, or to “build one internally.” The advantage of developing the platform on his own, according to him, was “we can do it really, really cheap, and we get exactly what we want.” He admitted, however, that “we don’t have the security of a battle-tested exchange that’s been around for a while.”

Hacks of cryptocurrency exchanges around the world continue to be a problem, resulting sometimes in millions of dollars worth of cryptocurrency being stolen. Just last month, Japanese cryptocurrency exchange Zaif was hacked, resulting in about $60 million stolen. At present, the exchange is not accepting new accounts.

In South Korea last June, two high-profile hacks of exchanges occurred, with about $40 million being lost from Coinrail, and about $30 million from Bithumb.

The problem has been somewhat offset with the introduction of insurance of cryptocurrency assets on exchanges, but this has yet to be commonplace, and many exchanges still need to find a way to be less vulnerable.

Ver said that Bitcoin BCH will be the base currency for the Bitcoin.com exchange. Already, some exchanges already use BCH as a base currency. Coinex launched late last year, and Voltaire.cash launched in September, offering BCH users more direct trades.

Ver, along with Bitcoin.com, has been one of the biggest proponents of BCH, citing its much lower transactions fees and faster transaction times compared to BTC. Bitcoin.com co-founder Emil Oldenburg made news last December when he said that he had sold all his “good as useless” BTC, trading them for BCH.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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