The world’s largest cryptocurrency exchange in terms of volume, Binance, successfully launched Margin Trading on its platform on July 12. Since its release, 10,000 users have signed up for margin trading accounts. In an AMA carried out by Changpeng Zhao aka CZ, the Binance CEO informed viewers about the performance of Margin Trading and people’s interest in the same,
“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”
Binance was also speculated to launch a Futures feature and CZ informed Binance’s users that it will happen by the end of July, starting with a simulation market. He said,
“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”
Binance has raised the bar for most of the world’s cryptocurrency exchanges, as it has lived up to the expectations and demands of the market. Apart from making Futures feature and Margin trading available for users, Binance also plans to introduce a Smart Contracts feature on Binance Chain in the future, and will be Ethereum-compatible.
“There are plans and architectures are being discussed, as well as different models we’re considering, but we haven’t decided on one architecture yet, whether it’s layer 2 or native, etc. It will likely be an Ethereum-compatible smart contract engine.”
As for Binance’s native coin, Binance Coin [BNB] has been subject to consistent market volatility after it reported a fall of 0.30% by the hour, and was valued at $31.39 with a market cap of $4.43 billion. The 24-hour trading volume of the coin was reported to be $413.35 million, as it fell by 5.15% over the week. However, the coin picked itself up and climbed the growth ladder by 4.61% over the past 24 hours.