Binance keeps broadening its horizons, boosting both its worldwide influence and the array of services it provides.
The latest scope extension for the powerhouse exchange This announcement was made on a Tuesday, as company CEO Changpeng Zhao revealed at the Asia Blockchain Summit in Taiwan's bustling city of Taipei that Binance is nearing the launch of a cryptocurrency futures service.
Recently, Binance has unveiled its own blockchain and decentralized exchange. This major player in the crypto world commands the largest exchange volume, having handled a whopping $67 billion USD in transactions over the past month, significantly outpacing competitors OKEx and Huobi Global.
. @cz_binance just announced that #Binance plans to introduce futures contracts during his keynote at the @aba_summit ! #ABS2019 #Taipei #Futures pic.twitter.com/RXlui8YY0V
— Binance (@binance) July 2, 2019
With its popularity soaring, the company aims to establish another robust service in the sphere of cryptocurrency derivatives, all while riding the momentum of its recent activation. margin trading In June 2019, the company set its sights on futures, which are investment contracts that let traders predict whether a specific asset's value will rise or fall, such as taking long or short positions on bitcoin.
By showcasing a picture of the potential futures trading interface, CEO Zhao illustrated that the platform's debut is not far off:
\"Binance is on the brink of launching a futures platform soon. While the exact timeline isn't pinned down, a simulation test version will roll out in just a few weeks.\"
Interestingly, the image shown during Zhao's presentation revealed that the forthcoming service might provide traders with up to 20-times leverage. However, it's uncertain if this level will persist into the full release, and what other leverage options may become available.
A representative from the exchange has since verified that a testnet for the futures service is set to commence sometime in the latter half of July.
At the very least, this launch will open a fresh channel for crypto traders to wager on leading assets in the cryptoeconomy. Binance likely plans to extend futures offerings to popular coins beyond bitcoin in the near future.
Former Ripple Executive Joins Binance US Leadership
Binance is actively transitioning American users off its primary Binance.com trading site.
To help compensate for that regulator-friendly pivot Last month, the exchange confirmed collaboration with the San Francisco-based BAM Trading Services to develop a Binance platform specifically for U.S. customers.
BAM will oversee the new exchange operations, and they've recently onboarded a new CEO to make it all happen.
This new hire is Catherine Coley, who previously managed the XRP Institutional Liquidity division at Ripple, supporters of XRP. She's set to apply her expertise to help Binance carve out a presence in the U.S. part of the crypto world.
On the news, Coley commented:
\"This marks just the start of a lengthy journey forward, and I'm excited to team up with Binance as a partner to unlock further opportunities for blockchain growth in the U.S.\"
Naturally, Coley and her colleagues will adhere strictly to U.S. laws, meaning the upcoming platform will probably have fewer markets than Binance.com and the Binance DEX when it first launches, adhering to American securities regulations.
Also Making the News: Discussions Around Binance and Libra
This week, Gin Chao, Binance's chief strategy officer, verified that the exchange has engaged in early-stage but formal discussions with Facebook about potentially listing the tech giant's upcoming Libra stablecoin.
Moreover, CSO Chao recently mentioned that Binance is keen to become one of Libra's anticipated 100 validators, hinting \"we'd like to throw our hat in the ring.\"
Whether such a collaboration will occur remains to be seen, but if it does, it's likely to elevate both Binance and Libra’s standing collectively. Blockonomi will keep an eye on these developments as they unfold.
