- Binance to introduce Cryptocurrency Futures Trading
- Announcement was made during a ‘Ask-me-Anything’ session on Twitter
- The platform will come as a competition to Bakkt, CME among others
Introducing the ‘Future’ of Binance
Changpeng Zhao the CEO of Binance Exchange, better known as CZ in the crypto industry, announced the launch of Binance’s Futures Trading Platform to launch sometime in September 2019. This announcement was made during a ‘Ask-me-Anything’ session by CZ on Twitter and elaborated on during the Asia Blockchain Summit in Taipei.
During CZ’s presentation at the Asia Blockchain Summit, he demonstrated a futures trading interface on Binance along with features such as longs and shorts on crypto assets. Initially the platform will included only a hand full of selected crypto assets. Bitcoin, the star of the crypto market, is said to have a maximum of 20x leverage.
Rising Competition in the Market
This announcement by CZ comes almost hand-in-hand with the launch of the Bakkt Platform, a company formed as a subsidiary under the NYSE’s parent company. Bakkt is also a platform for Futures Trading of Cryptocurrencies. Bakkt finally received clearance from the regulatory authorities and is said to start functioning by the 27th of September.
Binance, after releasing its Futures platform, will go head to head with some of the largest players in the industry. The Chicago Mercantile Exchange (CME) Futures, Bakkt Futures are the biggest players in the crypto futures market, which will eventually be competing against the largest spot trading exchange in the world, Binance.
Being the largest cryptocurrency trading exchange by 24-hr volume, Binance will give immense competition to the other market players with its pre-existing user base. Already the leader in spot trading, this new futures platform and other projects such as the planned Venus stable coin, Binance Academy etc., will put Binance miles ahead of any other crypto-based company.