Binance is All Set to Take On Cryptocurrency Futures ContractsScroll Down
The cryptocurrency exchange favorite Binance will launch its Binance Coin futures trading project on February 10. It will be the 17th currency available on the Binance future trading branch. It comes with a 50x leverage. It will be paired against the Tether USDT stable coin. This information was made public in a February 7 press release.
The BNB coin of Binace has already experienced a rally of a several-dollar increase in February. It reached a price peak of $22.16. An analyst and trader, Kieth Wareing, predicts that the demand for the BNB coin will grow. Looking at its trading volume on Binance, Wareing predicts that BNB will not have to sell any of its stable coin for revenue.
Because of this, an upcoming bull run will put Binance in a secure and trustworthy position on the exchange. The BNB's positioning will guarantee an increase in demand for the token. Wareing expects it to surpass the other top 10 assets if the bull run of Bitcoin continues through the rest of the month.
Another digital asset trader who goes by the nickname of Crypto Dog suggests that a pro-BNB mood is setting the tone. This person was looking for reviews of BNB and got both good and bad ones. Those reviews were posted on Twitter. Binance grew quickly after its launch in 2017. By 2018, the exchange had more than $1 billion of trading in a single day. Not long after that, Binance stated that it had a profit of $78 million in 2019's first quarter.
Binance continued to grow through the first half of 2019. It sent millions of dollars in trading volume to its Binance Launchpad platform. Those millions were through initial exchange offerings. A few months before the futures trading platform was launched, Binance banned American customers. Since the ban started, the exchange opened a dedicated American branch. It also increased the size of its futures trading platform. There, it hosts Bitcoin futures with a 125x leverage. This is a lot faster than other platforms. The new offering comes quickly after the release of Zcash earlier this week.