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Bitcoin BTC News, Cryptocurrency News

Binance to launch futures contracts with 20x leverage

Binance, one of the top cryptocurrency exchanges, has made a lot of improvements in the past months. They have updated the interface and started offering margin trading, they are testing a new GBP-backed stablecoin, and are also in talks with Facebook to form a partnership. They will also be launching “Binance US” specifically targeting US customers as regulations prevent the original Binance platform form serving them.

The latest development was announced by Binance’s CEO during his keynote at the Asia Blockchain Summit in Taipei. CZ 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”. Before the futures platform is rolled-out however, margin will be released and made available for the public as it remains on an “invitation-only” basis. The latter only offers 2x leverage, whereas the futures platform will offer 20x as indicated by the following slide shown by CZ.

BitMEX CEO, Arthur Hayes, had a very positive response to the news, which may have surprised some as Binance Futures may take a significant portion of BitMEX’s market share. Nonetheless, his perspective indicated that as more platforms offer derivatives, the larger the reach will become. Consequently, this will help the industry mature and more traders will join which directly results in a higher profit for BitMEX.

Image licensed via Shutterstock

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