Watch out BitMEX, Binance announces futures contracts trading platform 🚨 This article is 5 years old...
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Watch out BitMEX, Binance announces futures contracts trading platform
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Updated: Apr. 6, 2020 at 1:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance—the world’s largest exchange by trading volume—announced that it will offer futures contracts on the new “Binance Futures” platform. An exact launch date wasn’t provided, but Changpeng Zhao said the platform is expected to launch in the coming months.
Changpeng Zhao, the CEO of Binance, made the announcement at the Asia Blockchain Summit (ABS 2019) in Taipei, Taiwan.
The platform is expected to compete with the incumbent and largest derivatives exchange by volume, BitMEX. Considering Binance’s position as the world’s most popular crypto-to-crypto exchange by volume, it is possible it could usurp BitMEX as the leading derivates exchange as well.
More sophisticated trading products could have other benefits for the market. As expressed by venture fund manager and Bitcoin advocate Anthony Pompliano, “more sophisticated products. More liquidity.”
Luke Martin, a cryptocurrency trader and analyst, broadly categorized exchanges based on their service offerings. Binance appears to be entering every major segment, according to Martin’s analysis:
Crypto exchange types:
1/Derivatives: margin, swaps, futures (Bitmex, Bybit, Deribit)
2/Regulated: BTC & major alt focus, fiat on-ramps (Coinbase, Gemini)
3/Unregulated: Alt focus (Binance, Kucoin)
4/DEXBinance adding futures & becoming only exchange to be in every category. https://t.co/Ikp9pwOtyv
— Luke Martin (@VentureCoinist) July 2, 2019
The platform will first support a Bitcoin Tether pair (BTC/USDT) with up to 20 times leverage. More pairs, as well as higher leverage, will be added in the future.
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Bitcoin
$98,344.72
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$0.99956
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
BitMEX
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Recognized widely as “Pomp”, Anthony Pompliano (born June 15, 1988) stands out as an influential American entrepreneur, Bitcoin advocate, investor, and a proud U.S.