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Binance Set To Launch Bitcoin Options Amid Many Other Developments

Binance CEO Applauds Turkey For State-Owned Crypto Development

There are a few certainties when it comes to reporting within the crypto industry. Binance extending its offerings is one such thing, even amid a global pandemic. It doesn’t happen every day, it might not also occur every week, but Binance will always expand, it seems. The company has established itself as a heavyweight in the industry and doesn’t seem to be keen on letting that title go.

Incorporating Options To Its Arsenal

As a testament to this, Binance has announced yet another new development to its service offering, adding Options trading to its already expansive suite of investing features. The options trading will stand alongside things like margin trading, as well as Bitcoin Futures. Alongside this, an array of trading pairs are available within the exchange’s spot market.

Much like Bitcoin Futures, Bitcoin options are products that are primarily popular at an institutional level of investment. In recent times, many exchanges have started to push into this space, the most recent ones being Deribit and FTX. The two long-time rivals, Bakkt and CME, stand as the top dogs in this industry.

Both are regulated hubs when it comes to institutional products and investments like Options and Futures. Both these products serve as an essential facet of price discovery when it comes to Bitcoin itself. Binance, having recently entered the Futures arena, managed to take top spot in terms of volume traded. No matter what, this is an impressive achievement.

Many Things Happening At Once

In addition to this, the CEO and founder of Binance, Changpeng “CZ” Zhao, gave further elaboration in regards to the mining pool Binance had recently announced. This was done through an AMA that was done today.

Furthermore, CZ had addressed his company’s recent acquisition of CoinMarketCap, a popular data aggregator in the crypto industry.

In recent times, the cryptocurrency exchanges of the crypto industry have started to launch their own mining pools, as well, with Binance being no exception. Back in September and August last year, respectively, Huobi and OKEx launched their own mining pools. On the 31st of March, 2020, rumors started to spread that Binance will launch its own mining pool. Due to how close the 1st of April was, CZ had to ensure people didn’t take it as a joke, doing so through a public announcement.

Specifications Given Out

Through an AMA done today, CZ revealed vital details about the upcoming mining pool. He stated that Binance was done with the initial developments, such as the platform itself. CZ was quick to say that he viewed mining as an essential facet of the industry, one he wants to support. He highlighted the overall centralization of BTC mining at this time, and how he and Binance want more players to participate within it. Furthermore, CZ stated that they wanted to show support for the players already within this arena.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.