Changpeng Zhao, the founder of the world’s most widely accepted cryptocurrency exchange, Binance, has announced at the Asia Blockchain Summit, that he will bring in the futures and options trading platform for its avid users.
During a presentation at the Summit held in Taipei on July 02, the global digital currency exchange, that is known to engage in one-on-one with its rival Bitmex, another incumbent and biggest exchange by volume, shared a screenshot of how the actual futures trading interface will look like.
According to Zhao, Binance is all set to launch its futures platform upon running a few simulation tests. The estimated date of launch is set to be two weeks from today.
Binance takes the competition a notch higher
Binance, which is known to explore every major segment in crypto trading, promises to increase leverage up to 20 times on Bitcoin trading. Last month, the cryptocurrency exchange giant had also set in motion margin trading on its exchange, which offers higher returns on higher risks.
With this initiative, the exchange platform is not only expected to go head to head with Bitmex but is also likely to surpass Bitmex’s largest derivatives exchange by volume.
Some enthusiastic tweets
Anthony Pompliano, a Bitcoin enthusiast and founder of a digital asset management company, expressed in his tweet that such initiatives from Binance enable increased liquidity with a whole range of crypto trading options to choose from.
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
Whereas, Luke Martin, another cryptocurrency trader applauds the company for taking crypto markets to a new level by providing more options for bigger gains.
Crypto exchange types:
1/Derivatives: margin, swaps, futures (Bitmex, Bybit, Deribit)
2/Regulated: BTC & major alt focus, fiat on-ramps (Coinbase, Gemini)
3/Unregulated: Alt focus (Binance, Kucoin)
Binance adding futures & becoming only exchange to be in every category. https://t.co/Ikp9pwOtyv
— Luke Martin (@VentureCoinist) July 2, 2019
With a tactical strategy such as this, Binance will certainly grab an upper hand in the crypto space.