Binance CEO Changpeng Zhao has announced on social media that there are plans of launching a futures trading platform, which will first support BTC/UTSDT contracts with up to 20x leverage.
The news was announced by the CEO while he was giving a keynote speech at the Asia Blockchain Summit in Taipei on July 2.
It was reported by Cointelegraph that CZ did not reveal an exact launch date for the new “Binance Futures” trading platform, however, he did state that a simulation test version is scheduled to be trialed in a few weeks.
According to CZ, the platform’s final goal would be to support long and short trading contracts for a diversity of cryptocurrencies.
The news of the futures platform comes on the heels of Binance’s margin trading launch, a feature which is currently in beta testing but it will be soon integrated into the platform.
Another recent Binance development was the addition of new trading pairs and features for its decentralized trading platform, Binance DEX, welcoming two new stablecoin trading pairs.
It was reported in June by the Chicago Mercantile Exchange (CME) Group that the institutional interest in its bitcoin (BTC) futures contracts reached an unprecedented high, with contracts shooting up with $1.7 billion in estimated value by June 28.
“CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional.”-tweeted CME.
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