The CEO of Binance revealed earlier today that the popular crypto exchange will be launching futures trading in September.
According to an AMA (Ask Me Anything) session on Twitter, CZ followed up on last month’s announcement that Binance was planning to launch futures trading.
“Binance is planning to offer futures contracts on the exchange. Binance CEO Changpeng “CZ” Zhao announced plans for this futures trading feature during a presentation at the Asia Blockchain Summit in Taipei.
The futures trading interface, which will offer longs and shorts on crypto assets at up to 20x leverage, will undergo live simulation tests in a few weeks.”-read a post from their blog.
The announcement was accompanied by a screenshot of the interface:
CZ also stated that they may even launch two separate futures products, as they invested in two very different futures platforms: one was acquired, while the other was developed by the exchange.
This is the newest service to be announced by Binance, with the exchange having launched a cryptocurrency lending service, margin trading and staking services in this year alone.
No other detail regarding Binance’s new platforms have been provided to the public, and CZ did not give an exact date when the product will be launched, stating only that a simulation test version will be offered within a few weeks.
“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,” explained CZ.
In the AMA session, he also talked a bit about Binance’s upcoming stable coin, Venus. The CEO of the popular crypto exchange stated that the coin is intended to be similar to Facebook’s Libra as an open attempt to further the crypto adoption movement and stable coins in particular.
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