Binance’s CZ confirms Futures platform introduction; margin trading in ‘few weeks’

  • 02 July 2019, Tuesday, 09:30

Binance is the gift that keeps on giving. Following the launch of a decentralized exchange and a possible Tether [USDT] alternative, a full-fledged futures trading platform and margin trading features are on the horizon for Binance.

Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in the world, announced that a Futures Trading Platform will be launched soon.

Unveiled on July 2 in Taipei at the Asia Blockchain Summit, the Futures trading platform will come with the ability to both long as well as short trades on the underlying cryptocurrency assets. Although no date has been specified, the announcement was met with a warm reception.

The official Twitter handle of the exchange confirmed the same and tweeted,

.@cz_binance just announced that #Binance will offer futures contracts in his keynote at the @aba_summit! #ABS2019 #Taipei #Futures pic.twitter.com/RXlui8YY0V

— Binance (@binance) July 2, 2019

Zhao added that the above picture is an “actual screenshot of the working system.” CZ stated,

“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.”

The leverage on the platform could be as high as 20x and the first cryptocurrency on offer will be, unsurprisingly, Bitcoin [BTC].

An official spokesperson from the exchange stated that the Futures platform will begin testing in about “two weeks” from the date of the announcement. Additionally, margin trading, another hyped feature that the exchange has been teasing the cryptocurrency community with, will be released by July 11 following which, the Futures platform will go live.

The spokesperson said,

“Margin trading will roll out to all users first (around July 11 or so), then futures testnet will come about a week after that.”

Earlier in May, margin trading features on Binance were touted to have been beta tested among “select users,” and it was stated that the feature would be officially rolled out “soon.” At long last, the exchange is making good on its promise and are now accompanying that with a futures platform.

Source: ambcrypto.com