Binance CEO Says Futures Trading Platform To Be Launched Next Month

One of the world’s biggest crypto trading platforms, Binance, has confirmed that they are rolling out their futures trading platform within the next month.

The futures trading platform has been in the works for a while, and the announcement of its launch will raise the excitement of many traders.

The announcement of the launch of the platform came through an ask me anything session conducted by Binance’s CEO, Changpeng Zhao on Twitter.

https://t.co/BKrkbWFd5U

— Binance (@binance) August 28, 2019

The CEO went on to say that a test simulation will be launched in the next couple of weeks to ensure that the futures trading platform is working as it should before its full launch.

The plans for a futures trading platform for cryptocurrency were announced last month after the rollout of Binance’s testnet.

As the exchange continues to expand the services available to their clients, more traders can be expected to start making use of the Binance coin wallet for the storage of their crypto holdings.

Futures trading platform demonstration

During the Asia Blockchain Summit, which was held in Taipei, Zhao gave a demonstration of the interface of the futures trading platform Binance is launching.

The platform has many crypto trading features, including the longs and shorts on digital assets. The presentation by Zhao revealed that the platform would start with a Bitcoin leverage of up to 20 times.

The developments around Binance have intensified competition among the leading exchanges with regards to crypto futures trading. Other leading exchanges are planning on rolling out similar services within the next few months.

Bakkt announced plans to launch a physically delivered and custody Bitcoin futures contract. The contracts will be offered daily and monthly, and this platform will be launched on the 23rd of September.

Bakkt is a subsidiary of Intercontinental Exchange (ICE), the parent company of the renowned New York Stock Exchange.

Another leading cryptocurrency exchange, CoinFLEX, raised $10 million in funding to become the first exchange to give its clients physically delivers Bitcoin futures contracts.

The funding came from Bitcoin.com’s CEO, Rover Ver, Polychain Capital, and other crypto industry players.

According to CoinFLEX’s CEO, Mark Lamb, physical delivery of futures contracts combats price manipulation of both futures and spot prices. CoinFLEX is based in Hong Kong, and it is one of the biggest exchanges worldwide.

BitMEX is another exchange that provides its clients with Bitcoin futures contracts. The exchange has a daily trading volume of about $2.68 billion, which makes it the number 2 exchange in terms of Bitcoin futures contracts.

Lamb did not mince his words and said that CoinFLEX is eyeing BitMEX as the competition among these leading cryptocurrency exchanges continues to grow.