The new platform will be able to leverage up to 20 times more. In the coming weeks, Binance will launch a pilot system test to improve the tool promptly.
The largest and most important company in terms of volume of transactions and commercialization of digital assets, Binance, recently announced that it will launch a platform very soon that will allow the commercialization of cryptocurrency futures.
The company gave the news to the public during its presentation at the event of the Asian Blockchain Summit, which took place a few weeks ago in Taipei. During the presentation of the company, Changpeng Zhao, CEO and Founder of Binance, showed the participants a project interface that will soon be available for users. Futures trading on the Binance platform will have features such as cryptocurrency short, among other things.
During Zhao’s speech, the Founder of Binance commented that “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”. These words were mentioned whilst projecting images of the interface that have advanced until now. In addition, Zhao added: “This is an actual screenshot of the working system. So Binance futures is coming”.
This announcement keeps many people on the lookout to wait for what Binance could develop on this system of cryptocurrency futures and its subsequent commercialization.
The presentation had an extensive presentation where it was specified that “the leverage could be up to 20 times”, as well as being offered to work with Bitcoin (BTC).
Although, as in Zhao’s words, the official launch date stills unknown, it was announced, through a company spokesperson, that they would launch a pilot test in about two weeks, in which they will seek to put the system in operation and perfect details for its official launch in the future.
It is believed that this new initiative is due to the leverage system that Binance promised to offer its users last month. This new tool of future contracts will complete a whole network with new services. “Negotiations with leverage will first be extended to all users around July 11th, and then future test networks will come a week after that”, the company spokesperson explained.
This is the reason why during the announcement of said piece of news last month that Binance stated it is preparing a large-scale service network that complements each other and creates a concrete connection between all of them to create a full service set-up with new financial technologies.
Right now, many users are waiting for the leverage system to be enabled and they can get access their benefits. For the moment, this service will be available only to selected users.
The futures of Bitcoin and other cryptocurrencies allow users to trade digital assets in a foreseen period of time, establishing their prices. At the end of the negotiation, the buyer can receive cash in fiat currencies if he wants it. The futures are part of traditional economy and now are present in financial technology (FinTech) too.
By María Rodríguez