Exclusive: Why BitForex Keeps Listing Bitcoin SV?

Exclusive interview with Garrett Jin: Part 2

While some crypto exchanges like Binance decided to delist Bitcoin Satoshi Vision (BSV), BitForex decided to keep the BSV listing! In Part 2 of our interview, Garrett revealed the rationale of such decision and he also revealed BitForex’s plan in providing custodian solutions!

As learn from the hacking incident of QuadgriaCX, the importance of crypto custodian solution has been a heated topic for every crypto exchange. Will BitForex plan to launch a crypto custodian solution or partner with some third parties to do so?

For custodian service, our team have been looking into it. I think from the traditional finance, it is supposed to be a third party to make sure the fund is safeguarded. However in the crypto industry, the third party needs to be really professional in terms of technology and wallet solutions for us to rely on. For example, BitForex have 95% of the funds stored in cold wallet, and we have warm wallet between the hot wallet and cold wallet. The solution is already quite safe. But for us, we are discussing with BitGo and Bitmain in providing a more comprehensive custodian solution. I think in comparison, they would have the better technology in the crypto world because they are early leaders in the field. They are third parties which are more independent as well.

For the custodian solution, will BitForex consider hot wallet or warm wallet protection?

I think a huge percentage on the cold wallet would be essential for the users and the exchange, whereas a better user experience and faster withdrawal are really important. However, the safety and security issue are always the first priority for BitForex. In the internal team, we're also discussing about this. We are trying to compromise but the security and safety is the first priority, so cold wallet is a better solution.

What is the motivation of BitForex to keep Bitcoin SV (BSV)?

In the crypto world, I respect other exchanges making their own decision. For us, the first priority is always investors and traders, because we notice there are a lot of BSV traders stay in BitForex. By delisting BSV, it will hurt them definitely. It is because the traders can’t trade BSV anymore in BitForex. Besides, I think if all the major exchanges delete BSV, the price of BSV is likely to decrease. Such price drop is innocent for the BSV holders.

For us, I understand the point they are trying to make, they think the claim of Craig Wright is wrong. I do not believe in Craig personally but this is not the best idea to delist BSV as it will hurt the traders. Even if I know whether the claim is correct or not, I cannot make decision on behalf of everyone. If traders don't like to trade BSV, they can hide or choose not to trade BSV. This is my standard, I think the interests of traders come first.

Garrett revealed the latest roadmap of BitForex!

What is the latest roadmap for BitForex?

We will introduce derivatives which include perpetual contract, future and even option. Margin training will also be introduced and asset management services as well. For custodian I think this is a solution we are going to launch and there's another thing I can't really announce right now. I think this will come in a few weeks later which will be a huge step for the industry. I will let you know first, so stay tuned!