Binance to Launch Its Futures Platform in September

Wednesday, 28/08/2019 | 08:27 GMT by Arnab Shome
  • The crypto exchange is aggressively expanding its business reach across the globe.
Binance to Launch Its Futures Platform in September
Binance CEO Changpeng Zhao

Crypto exchange Binance is planning to launch its much-anticipated futures Trading Platform as soon as next month.

The prospect was revealed by Changpeng “CZ” Zhao, founder and chief executive of the exchange, during an ask-me-anything session on Twitter on August 28.

Binance, which is one of the dominant exchange in terms of daily trading volume, first revealed its plans for launching a futures exchange at the beginning of July, following the launch of its testnet.

The platform will allow traders to take both long and short positions. Initially, only BTC/USDT pair will be available with Leverage of 20x, per the initial revelation by CZ; however, the exchange has plans to add more pairs with, offering higher leverages.

Slowly taking over major crypto markets

With 560 available trading markets, Binance is one of the largest global digital currency exchanges and handled almost $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, the Malta-registered exchange is now expanding its reach in other areas too.

Recently, Binance jumped into the arena of crypto lending and launched schemes with an annual interest rate of 7 to 15 percent.

Meanwhile, the exchange is also ready to tap the US market with a new subsidiary in the country. Though not finalized, Binance US is expected to launch before November and will directly compete with Coinbase with its crypto-to-fiat trading services.

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.

Crypto exchange Binance is planning to launch its much-anticipated futures Trading Platform as soon as next month.

The prospect was revealed by Changpeng “CZ” Zhao, founder and chief executive of the exchange, during an ask-me-anything session on Twitter on August 28.

Binance, which is one of the dominant exchange in terms of daily trading volume, first revealed its plans for launching a futures exchange at the beginning of July, following the launch of its testnet.

The platform will allow traders to take both long and short positions. Initially, only BTC/USDT pair will be available with Leverage of 20x, per the initial revelation by CZ; however, the exchange has plans to add more pairs with, offering higher leverages.

Slowly taking over major crypto markets

With 560 available trading markets, Binance is one of the largest global digital currency exchanges and handled almost $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, the Malta-registered exchange is now expanding its reach in other areas too.

Recently, Binance jumped into the arena of crypto lending and launched schemes with an annual interest rate of 7 to 15 percent.

Meanwhile, the exchange is also ready to tap the US market with a new subsidiary in the country. Though not finalized, Binance US is expected to launch before November and will directly compete with Coinbase with its crypto-to-fiat trading services.

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.

About the Author: Arnab Shome
Arnab Shome
  • 6533 Articles
  • 87 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6533 Articles
  • 87 Followers

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