Binance Futures trading platform will launch soon according to the announcement made earlier today by the CEO of the crypto exchange.
August 28, 2019 | AtoZ Markets - Top crypto exchange, Binance is taking another giant stride as it plans to launch its much-anticipated Bitcoin futures trading platform in September.
Binance Futures trading coming “very, very soon”
This prospect was confirmed by the CEO of Binance, Changpeng Zhao better known by his industry moniker “CZ” in a live-streamed “ask me anything” (AMA) session on Wednesday.
“Futures is coming very very soon… definitely sometime in September,” said the CEO.
Binance Futures trading platform will allow traders to take both long and short positions. However, only BTC/USDT pair will be available with a 20x leverage, per the initial revelation made by CZ. Nevertheless, the exchange has plans to add more pairs in the near future as well as provide their clients with the possibility of trading with a leverage greater than x5 but less than x100.
It is worthy of note, that Binance first revealed its plans for launching a futures exchange during the Asia Blockchain Summit in Taiwan, following the launch of its testnet.
During his keynote speech at the summit, Zhao spoke about the company's decision of making futures trading available on its platform soon. Being a highly used feature among traders, Binance has invested in two undisclosed futures platforms, one of which is described as “more of an acquisition,”, while the other is their own product.
The CEO further added that “both platforms are kind of ready,” but the company has not decided which of them to release yet and that they may in fact release both because “they are slightly different products.”
Binance fast becoming the world’s most influential crypto exchange
Among 560 available trading markets, Binance is one of the largest crypto exchanges in the world handling about $692 million worth crypto trades in the last 24 hours, according to Coinmarketcap.com. Despite its dominance in the crypto-to-crypto spot trading market, Binance is now spreading its tentacles to reach in other areas as well.
After launching a few stablecoins, Binance now wants to make a big splash in the lucrative stablecoin market and earlier this month revealed its ambitious “Venus” project which will allow the issuance of localized stablecoins and digital assets pegged to fiat currencies across the globe.
Meanwhile, AtoZMarkets previously reported that the Malta-based exchange has launched its lending services with an annual interest rate of 7 to 15 percent and would be available on a first-come, first-served basis.
What is more, the exchange is also ready to venture into the US market with a new subsidiary in the country. While it is yet to be finalized, Binance US is expected to launch before November 2019 and will directly compete with Coinbase with its crypto-to-fiat trading services.
With the Venus project, lending service as well as the upcoming Bitcoin Futures trading platform, Binance is getting ready to take over the market to satisfy and attract more customers from across the globe.
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