Binance Bitcoin Futures debuts with a $ 170 million trade
Binance has launched a new futures platform, where speculators can bet that the price of bitcoin goes down or up, after announcing it earlier this year. And the service is already witnessing commercial volumes worth hundreds of millions of dollars.
The data analysis firm Skew tweeted a 24-hour commercial bitcoin trading report, showing that Binance was processing around $ 170 million in operations on the day of its debut. The figures almost match the volumes recorded after the Binance Futures beta release. The Maltese exchange processed around $ 150 million in futures transactions throughout the two test phases, which led him to go full-fledged on Friday, with a special gift attached.
“In order to show our appreciation for your continued support for Binance Futures, all users will receive a 50% discount on trading fees when operating in Binance Futures for the first 3 months after the launch date,” Binance said. in his blog post published on Thursday. ”
The exchange also indicated that users who participated in the Futures Battle for Binance competition and voted for Futures A would enjoy an additional discount. This would be equivalent to a total discount of 75 percent on the trading rate at Binance Futures for a month from 2019/09/16 00:00 a.m. at 2019/10/15 23:59 p.m.
Binance futures fees will be paid in BNB, a token of native utility in the Binance exchange. The team announced that it would burn 20 percent of the revenue it obtains from its Futures platform as part of an existing practice. The quarterly movement would eliminate a part of the BNB tokens. That means that, assuming that Binance Futures would generate profits, Binance will now burn more of its native asset.
Bitcoin futures season
Binance’s multi-million dollar debut outperformed two existing bitcoin futures services: CryptoFacilities and BitFinex. However, it was hit by other widely accessible exchanges, including Deribit, CoinFlex, BitFlyer and especially BitMEX, a giant derived from bitcoin that processed around $ 2.52 billion in futures trading volume.
However, existing market players are preparing for the tough competition of Bakkt. The digital asset platform, backed by Intercontinental Exchange, will launch two physically regulated bitcoin futures contracts on September 23. The measure, as many expect, would make it easier for institutional investors to speculate on bitcoin prices.
But unlike exchanges in the cryptocurrency space, Bakkt will not offer trading margin, a feature that allows operators to borrow money when making exchanges. BitMEX, for now, provides the highest margins in its derivative contracts, up to 100 times. At the same time, Binance offers up to 20x margins, which makes it a less attractive alternative for operators with a greater appetite for risks.
Investors and passionate about technology, can see the doors open to win money on the bets of bitcoin futures. There is a whole range of opportunities, the user decides which is his best option, the blockchain-bitcoin technology is to help in the generation of wealth. It is expected by new announcements.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.