Cryptocurrency exchange Binance is planning to launch a futures trading platform that will co-exist with its crypto-to-crypto spot trading services.
Announced at the Asia Blockchain Summit in Taipei on Tuesday, the exchange has already designed the interface for the upcoming services which will offer both long and short positions for digital assets.
While speaking at the conference, Changpeng “CZ” Zhao, founder and chief executive of the exchange, revealed that the platform will initially support only BTC/USDT futures products and will offer traders leverage up to 20x. However, the exchange will also introduce more trading pairs with higher leverage.
“Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks,” Zhao said.
He also showcased a screenshot of the futures trading platform to the attendees of the summit and assured that the upcoming system is working properly.
— Binance (@binance) July 2, 2019
“This is an actual screenshot of the working system. So Binance futures is coming,” he added.
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Though Zhao did not mention any timeline for the launch of the new platform, according to Coindesk, the testnet of the platform might be launched in around two weeks.
Here we go!@binance just announced Binance Futures which will support 20x leverage for Bitcoin futures in the coming months.
More sophisticated products. More liquidity.
The virus is spreading 🔥
— Pomp 🌪 (@APompliano) July 2, 2019
Becoming a crypto mammoth
Binance is one of the largest cryptocurrency exchange in terms of adjusted trading volumes and, in the last 24 hours, it handled $2.7 million worth of crypto trades, according to Coinmarketcap.com. The spot market of the exchange also offers 507 trading pairs to the traders.
The exchange is also set to launch a margin trading platform for crypto assets, which is expected to hit the market before the launch of Binance Futures.
In May, Binance was hacked, resulting in the theft of 7,000 Bitcoins, then worth around $40.8 million. However, the exchange was prompt to compensate the victims and sealing the vulnerability points.