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Binance’s CEO announces launch of Futures product in September

Namrata Shukla

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Binance's CEO announces launch of Futures product in September
Source: Pixabay

Several cryptocurrency exchanges around the world, including Binance, are ramping up their efforts to emerge as the world’s most influential exchange. In order to follow up the announcement made during the Asia Blockchain Summit in Taiwan, Binance CEO Changpeng Zhao confirmed during his AMA on August 28 that the exhchange’s Futures product will be launched by September.

During his keynote speech at the summit, CZ had talked about Binance’s decision of making futures trading available on its platform soon. A highly used feature among traders, Binance has not one, but two Futures product in its closet. According to CZ, Binance has invested in two Futures platform, one of which is an acquisition, while the other is their own product.

During his AMA he said,

“Futures is coming very very soon… definitely sometime in September”.

Apart from the big announcement, CZ took the opportunity to inform the community about its project “Venus”, a stablecoin. Venus would be an open initiative to push adoption of cryptocurrencies, more importantly of stablecoins. A rival project to Facebook’s Libra, Venus has been marching forward by establishing partnerships with various firms. Although the list of these partners has not been made available yet, CZ considers stablecoins like Venus to serve a relatively important purpose.

Binance has managed to gauge the demands of its community and has often delivered to their expectations. It launched its lending services on August 26 and would be available on a first-come, first-served basis. Users can use Binance coin [BNB], USDT, and Ethereum Classic [ETC] to earn interest set at 15%, 10%, and seven percent, respectively for each coin.

Binance has already made Margin Trading available to its users in July, which added more value to BNB’s price. With the lending service and the upcoming Futures products, Binance has been taking over the market to please and attract more customers from across the world.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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