Leading cryptocurrency exchange Binance is adding Futures trading to its flagship spot trading platform Binance.com in the near future. According to a Binance spokesperson, testing of futures trading will begin about a week after the complete rollout of the margin trading to all user accounts which should conclude on July 11th.
The futures trading feature was revealed by Binance CEO Changpeng Zhao (CZ) on stage during a speech at the ongoing Asia Blockchain Summit (ABS) in Taipei City, Taiwan. CZ spoke on Tuesday, July 2nd and said that,
“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.”
During his presentation, CZ featured an image on the screen that revealed the upcoming futures platform with up to 20X leverage.
“This is an actual screenshot of the working system. So Binance futures is coming,” he said.
In addition, he revealed that the platform will only initially support the trading of longs and shorts for Bitcoin futures as support for more assets will be enabled gradually. Bitcoin will be paired against the stablecoin Tether [USDT] as shown in the screenshot by CZ.
Binance is slowly expanding its business offering to cater to all sectors of the cryptocurrency space. Crypto may still be a small industry in comparison to other asset markets but so far Binance could be considered a dominant force in the making, almost approaching trust territory. So far the exchange is leading in terms of daily adjusted trading volumes at close to $3 billion in the past 24 hours according to Coinmarketcap. It also leads in the number trading pairs supported at 507 pairs as of press time.
Binance also has one of the largest jurisdiction support of any exchange additional subsidiary exchanges catering to the few geographical locations it may be legally limited to operate its main interface. For instance, in June 2019, the exchange announced the exit of its main platform Binance.com from the United States due to regulatory considerations but instead launched the geo-location specific platform Binance.us. It now runs another subsidiary in Jersey, Uganda, and Singapore with more additions coming up.
Not to forget, the exchange also runs the largest IEO platform, the Binance Launchpad. It recently also launched the decentralized version of its flagship spot trading platform called Binance DEX on its also newly launched blockchain, The Binance Chain. The DEX platform is also expanding in terms of supported pairs with the latest additions being two stablecoin pairs by StableUSD [USDS] that are custom built for the Binance Chain platform.
Binance has its tentacles touching almost every aspect of the blockchain industry and with the introduction of the futures trading feature, the exchange will be coming a step closer to earning the trust status.