A New Futures Platform to be Launched by Binance

Binance’s CEO, Changpeng Zhao revealed a new development early in the week at- a Blockchain Summit in Taipei, Asia. The exchange has planned the launch of a futures platform with 20x leverage which will have initial support for BTC and UTSDT. During a keynote speech he delivered at the summit, Changpeng Zhao made the announcement.

The test version has been said to be out in a couple of weeks but the CEO did not give a particular day for the launch. He said; “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 showed a screenshot of the platform’s interface to confirm the existence of the platform saying: “This is an actual screenshot of the working system. So Binance futures is coming,” he said, referring to the screenshot.

Notably, last month, Binance rolled out margin trading now the exchange talks about featuring in futures trading this month. The spokesperson who commented about the rolling out of margin trading had made reference to the coming of futures trading. “Margin trading will roll out to all users first, then futures testnet will come about a week after that,” the spokesperson said.
He showed in the presentation slide that leverage could be up to 20x and he also spelled out the possible leveraging times. Since this leverage will be offered for trading on bitcoin initially users will not only get exposure to bitcoin but also be enabled the opportunity bet against its price movements.
Binance has always been a renowned cryptocurrency exchange and with the course of development, Binance is now known as the largest by trading volume. the introduction of futures trading is clearly bringing favorable returns to Binance. The new feature will boost Binance dominance over rival exchanges as it will draw more sophisticated traders.

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Credits- Chinagorom Dilibe

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