Cryptocurrency
BNB price rises as Binance launces two testnets for crypto futures
The world’s largest digital currency exchange, Binance, has launched two testnets for its crypto futures products.
In a blog post, published on the Binance website earlier today, the crypto exchange said that by developing two platforms it wanted to provide its users with the freedom to choose their preferred version. The testers will have the opportunity to vote on which version to become Binance’s official platform.
“Participants who vote for the eventual winning Binance Futures Platform will receive a 50% trading fee discount for a full month,” the company said.
Binance also announced a simulated trading competition with a total prize pool of 10,000 BNB (5,000 BNB for each platform).
BNB price surge
BNB, or Binance Coin, is the exchange’s native crypto token. The digital asset has experienced a sharp price increase following the announcement, which has allowed it to recapture the $22 level after lacklustre weekend trading. The news helped BNB recover from a Monday morning drop to as low as $21.26.
Even with the recent uptick, the coin is well below its all-time high of $39.57, which it posted on June 22. Having started the year at $6.19, BNB has since benefited from the resurgence in the broader crypto market, as well as major business moves by Binance, such as the launches of a couple of cash-to-crypto trading platforms, as well as margin trading. The announcement that the company was also working on crypto futures came in early July.
In today’s trading, the BNB price stood at $22.21, as of 14:17 BST. The digital currency has gained 3.6% in the past 24 hours, which makes it the best performing digital coin in the crypto top 10. According to digital currency tracker Coinmarketcap, BNB’s total market capitalisation currently stands at almost $3.5 billion.
Featured image: ymcgraphic /Shutterstock.com
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