Binance Releases 2 Testnets for Its Upcoming Futures Platform

A competition to test the platforms with prizes worth 10,000 BNB tokens was also announced.

Crypto exchange Binance on Monday launched two testnet platforms for its upcoming digital asset futures products.

Dubbed Future A and Future B, both platforms will allow traders to trade crypto futures in a simulated mode and vote for their favorite platform.

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The exchange will provide 50 percent discounts on trading fees for a month to testnet voters with the maximum votes.

Tactics to attract traders

To attract the interest of traders, the cryptocurrency exchange also announced a reward program for the participants on the testnet testing. To each testnet winner, Binance will award 10,000 BNB tokens, worth $226,200 as of press time.

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Detailing the competition, Binance stated that it would allocate 100,000 USDT in simulated funds to traders on each of Futures A and Futures B after signup. During the competition period, participants will be ranked in terms of the total USDT trading volume transacted (including both Buys and Sells) on each of their Binance Futures accounts within the simulated trading pairs.

Being one of the dominant spot crypto trading platforms, Binance first unveiled its plans to enter the futures trading market in July this year and also showcased screenshots of the trading platform. The platform will allow traders to take both long and short positions. Initially, only BTC/USDT pair will be available with leverage of 20x.

In a recent ask-me-anything (AMA) session, Changpeng “CZ” Zhao, founder and chief executive of the exchange, revealed that Binance is aiming to launch its futures platform as soon as this month.

Among other developments in the exchange, Binance is eying to launch its fiat-based subsidiary in the United States before November this year. However, its services will not be available to New York residents as the local subsidiary is yet to receive BitLicense.

Meanwhile, Finance Magnates yesterday reported that Binance acquired JEX, a crypto company providing derivatives products, including options and futures contracts, for an undisclosed amount.

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