Cryptocurrency
Cryptocurrency
Binance to launch crypto futures trading soon
The world’s largest cryptocurrency exchange, Binance, will soon launch crypto futures, industry website Coindesk has reported.
The news was revealed by the founder and chief executive officer of Binance, Changpeng Zhao at the Asia Blockchain Summit in Taipei earlier today. At the event Zhao showed a screenshot of the exchange’s futures trading interface, which included features such as long and shorts on crypto assets, Coindesk reported.
“Binance will be launching a futures platform very soon,” Zhao said, as quoted by the online publication. “I don’t have the exact date yet. The simulation test version will be live in a few weeks.”
The CEO also indicated that the platform could offer leverage of up to 20 times, which would be applied to Bitcoin trading, initially.
The launch of a futures trading platform will be the latest move by Binance to expand its business beyond crypto-to-crypto trading. Last month, the company hinted that trading would be coming to the platform. Today, a representative for the company told Coindesk that Binance futures would be launched after the margin trading feature had been rolled out.
“Margin trading will roll out to all users first (around July 11 or so), then futures testnet will come about a week after that,” the spokesperson said.
BNB price drops
Meanwhile, Binance Coin (BNB), which is the native token for the exchange’s ecosystem, has seen a couple of price spikes in today’s session, but its performance has been hindered by the largely downbeat market. After reaching an intraday high of $33.46 in the morning, the coin has tumbled below the $32 mark.
In today’s trading, the BNB price stood at $31.00, as of 15:01 BST. The digital currency has lost 5.1% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $4.7 billion, which makes BNB the seven-largest digital coin on the market.
Featured image: ymcgraphic /Shutterstock.com
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