Key Takeaways
- • Binance, described as the world's largest cryptocurrency exchange by trading volume, is preparing to launch crypto futures trading, with leverage of up to 20x initially offered on bitcoin, according to CoinDesk.
- • CEO Changpeng "CZ" Zhao showed a working futures trading interface with long and short positions at the Asia Blockchain Summit in Taipei, saying a simulation test version would be live within a few weeks.
- • A Binance spokesperson said the futures test would launch about two weeks after the presentation, with no firm public release date set.
- • The futures launch follows Binance's rollout of margin trading on the platform the prior month, with margin trading slated for all users around July 11.
Summary
Binance, which CoinDesk describes as the world's largest cryptocurrency exchange by trading volume, is set to introduce crypto futures trading. During a presentation at the Asia Blockchain Summit in Taipei on Tuesday, founder and CEO Changpeng "CZ" Zhao displayed a futures trading interface featuring long and short positions on crypto assets. Zhao said, "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," and described the on-stage screenshot as "an actual screenshot of the working system."
According to the presentation slide, leverage could reach up to 20 times, and the product will initially be offered for trading on bitcoin. A Binance spokesperson told CoinDesk the test is planned to launch in about two weeks, though a firm release date has not been set.
The futures plan follows Binance's rollout of margin trading on the platform last month. The spokesperson said margin trading would first roll out to all users around July 11, with the futures testnet arriving about a week later. CoinDesk also noted related reporting that Binance had been in discussions with Facebook about listing Libra, the company's proposed digital currency, though the primary article does not confirm the details of those talks.
According to the presentation slide, leverage could reach up to 20 times, and the product will initially be offered for trading on bitcoin. A Binance spokesperson told CoinDesk the test is planned to launch in about two weeks, though a firm release date has not been set.
The futures plan follows Binance's rollout of margin trading on the platform last month. The spokesperson said margin trading would first roll out to all users around July 11, with the futures testnet arriving about a week later. CoinDesk also noted related reporting that Binance had been in discussions with Facebook about listing Libra, the company's proposed digital currency, though the primary article does not confirm the details of those talks.
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