Leading Cryptocurrency exchange Binance recently launched its Tether (USDT) backed futures trading platform. The platform which is still in the early testing phase is available by invitation only. A Reddit post indicates that the platform has already reached an all-time high of $150 million within the past twenty-four hours.
The futures platform covers only the USDT/BTC platform at this time.
This comes after Binances’ announcement of the creation of the testnet for the futures platform in July. The buzz created has already shown itself in various members of the crypto space who have waited expectantly and the response in terms of the trading volume. The futures trading platform has already shown the promise that the future is indeed bright for cryptocurrencies.
Binance had initially introduced two futures testnet platforms named Futures A and Futures B. It appears that some users didn’t enjoy the experience. Also, there were issues of plagiarism concerning the documentation. Bitmex had already accused Binance of copying its features. Those issues have already been addressed by Zhao who publicly apologized and an update to the documentation of all its futures platforms solved the problem.
Many people have been looking for a way to get into the futures trading platform which is restricted by referral only. It is quite easy to get one from Binance.
Firstly, you would have to access the Binance BTC/USDT futures market once you log in to your Binance account. A yellow button will appear saying: ”enter referral code”. There are two ways of getting referrals. The first is to contact support which everyone will be doing so the best way to get this done will be to watch the Binance twitter handle which gives out one time only referral codes.
How Binance Futures will Reshape the Crypto Space
While it may appear odd to some that Binance has launched its own futures markets, it is a step in the right direction. Taking into cognizance the direction that CEO Changpeng Zhao is moving the exchange in, Binance may well become the gamechanger that everyone in the crypto-verse has been looking for.
The soft testing feature that they introduced indicates the willingness to go slow but steady in the implementation of the platform. The way and manner that the exchange attends to feedback indicates that Binance is willing to accept user feedback and work with it.
There already exist several competitors who are running quite successful options trading platforms or their equivalent. Binance will have to square with two of the leading exchanges by volume Derbit and CME who have been performing credibly.
The sheer difference between winning and losing for Binance will be how they innovate as their products have proven to be unique so far. Winning in the game of cryptocurrency options is about inventing the future and getting there first.
Author: Christopher Hamman