On Feb 7, 2020, digital asset exchange Binance announced that its futures trading platform, Binance Futures is soon launching BNB futures. Until today’s announcement, Binance Futures had launched 16 perpetual contracts, which include BTC/USDT, ETH/USDT, and BCH/USDT.
The newly announced BNB Futures contract has a maximum leverage of 50x and is set to launch at 08:00 UTC on Feb. 10. 2020.
Aaron Gong, Director of Binance Futures, said:
“After the success of our initial BTC contract, we have focused on bringing Binance’s signature trading experience to all newly added pairs.”
He explained that the Binance team has introduced 16 altcoins to its platform as of today and had seen excellent growth in altcoin trading volume, with some pairs quickly taking the number one spot in the futures market.
Last month, Binance Research released a report titled “2019 – Annual Crypto-Correlations Review” that stated that BNB was the best-performing asset of the largest ten digital assets by market capitalization over the last year.
Binance Is the Preferred Platform for Crypto
Binance has strengthened its position in the market of cryptocurrency derivatives. It has established its position as the preferred platform for traders by continuously advancing its functionalities since its launch.
On Jan. 14. 2020, Binance hit an astonishing trading volume of USD 3.46 billion, largely by successfully leveraging its enormous user base to make Binance Futures one of the leading players in the crypto derivatives space.
Following the launch of Binance Futures, trading in BNB/ USDT will be hassle-free, which will likely also open the floodgates for the fresh investments. This is mainly because, unlike the traditional futures contract, there will be no expiration or settlement date for the launched contracts.
BNB Pumped Up By Futures Contract Announcement
Binance Coin (BNB) started as an ERC-20 token on the ETH blockchain but later transitioned to become the native token on Binance Exchange Chain in 2019.
The coin is used to pay fees for operations on Binance Chain but also retains its original use case of providing trading fee discounts to Binance users who hold the coin.
Additionally, plenty of BNB tokens entitles users to participate in the lottery for getting access to Binance Launchpad token sales.
BNB has been one of the best-performing cryptos up to date, and the news of the Binance Futures addition has provided some extra positive momentum.
BNB is currently trading at $21.88, following an increase of 9.9% over the last 24 hours. The coin is currently trading at its highest price since September 2019.