London-based financial trading provider Admiral Markets UK Ltd. today said that it has become the first brokerage firm to offer trading on so-called Bitcoin Cash, the new cryptocurrency that was spun out of the original Bitcoin earlier this week.
The latest member of the cryptocurrency family was created on Tuesday after a faction of Bitcoin developers forced the blockchain to split into two separate chains, which allows miners to more rapidly process transactions in larger units known as blocks.
The company now offers its clients easy access to the price movement of Bitcoin Cash through the BCH/USD pairing, which is now live and available for demo and live accounts.
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The new digital currency is expected to draw notable attention and demand as it is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.
In the hours after the blockchain split, the price of the new token has rallied nearly 200 percent from around $214 to $628. Despite the rapid jumps, BCC is worth just a fifth of the original Bitcoin, which is currently trading around $2,770, according to industry website Coindesk.
Effective today, the brand new instrument will be available for trading 24/7, with 1:5 leverage and no commission or swaps charged for short positions.
Jens Chrzanowski, Member of the Management Board Admiral Markets, commented: “As far as I know, we’re the first to offer the new Bitcoin Cash cryptocurrency for trading. It’s brand new, but has managed to instantly become the world’s third most valued cryptocurrency by market capitalisation. We advise you to try out trading new instruments like this with our demo account.”