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 (@binance) August 28, 2019
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.
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— Binance (@binance) July 2, 2019
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.