Those who want to participate in the contest must trade between USD 100 and USD 200 on the Binance P2P. The winners of physical prizes have the option of taking the BUSD equivalent of their value.
In recent days, the largest cryptocurrency exchange by trading volume in the market launched a new contest for its users. Those who trade on Binance’s peer-to-peer (P2P) market will be able to choose between various prizes. These include an Apple MacBook Pro 2020 computer, two Sony PlayStation 5 (PS5) video game consoles, and a USD 10,000 pot of Binance Coin (BNB).
Binance explained on its website that those who are interested can participate until March 19th. Those who compete in the contest can do so by buying or selling through the exchange’s P2P platform. They can trade cryptocurrencies like Bitcoin, BNB, and Bitcoin Cash, as well as stablecoins like USDT and BUSD, for fiat money.
The two categories of this contest will determine the prizes that the winners will receive. New and old users of the platform can participate to win part of the pot of USD 10,000 in BNB. In this case, they must not have previously used the Binance P2P platform and must trade at least USD 100 during the period of the contest.
Traders who have used the P2P market before can compete for the MacBook Pro 2020 computer and the two PS5 consoles. However, only those who move at least USD 200 until March 19th can participate in these physical prizes.
The exchange clarifies that the winners can replace the equipment with their equivalent value in the BUSD stablecoin, Binance’s cryptocurrency pegged to the US dollar. Binance would award 1,299 BUSD to the winner of the MacBook and 399 BUSD for the PS5 console.
Types of Services that Converge on the Platform
In the ecosystem of exchanges for Bitcoin and other cryptocurrencies, the growth of Binance in recent times has been remarkable. Concerning its daily trading volumes, this exchange platform is the one that moves the most money.
Binance users have moved more than USD 24 billion in just 24 hours, according to data from LiveCoinWatch. Huobi and OKEx, the second and third top exchanges, have recorded movements of just over USD 10 billion. That represents less than half the volume that traders move on Binance.
Various types of services with Bitcoin and other cryptocurrencies converge on this platform, which can influence its current dominance of the market. In this sense, the contest that the platform launched covers its P2P market, in which users can trade with other members of the platform.
However, they can also do spot trading, as well as transactions with derivatives such as futures and leveraged margin. Likewise, users can borrow coins and keep them in the Binance savings system. This offers them interest according to specific savings terms, with 5% annualized interest in the case of Bitcoin.
By Alexander Salazar
