Breaking: Binance’s launch of Bitcoin Options among host of new developments
Binance has just announced the addition of Options trading to its existing suite of investing features like Bitcoin Futures, margin trading, etc., alongside a plethora of trading pairs for the spot market.
Bitcoin options, like Bitcoin Futures, are products popular in institutional investing. Recently, many exchanges have moved into this space, with FTX and Deribit being the most recent ones. In addition, CME and Bakkt are regulated hubs for institutional investments and products like Futures and Options, each of which plays an important role in the price discovery of Bitcoin. Binance, a recent entrant in the Futures space, has even managed to gain the top spot in terms of volume traded, as of today.
The news was first broken by Binance’s official Twitter account,
— CZ Binance ??? (@cz_binance) April 3, 2020
In addition to the above, Binance’s CZ also revealed information regarding the Binance mining pool in an AMA today. Among other things, CZ also addressed the recent acquisition of CoinMarketCap [CMC], and how Binance will proceed with it.
Binance Mining Pool
Similar to exchange tokens, many exchanges in the ecosystem are launching their own mining pools. Huobi and OKEx launched their mining pools back in September and August, respectively. Binance, one of the world’s largest exchanges, was also rumored to launch its own exchange on 31 March 2020.
CZ made sure that this was not an elaborate hoax since 1 April was right around the corner. However, during the AMA, CZ also revealed his plans for the mining pool, adding,
“We are done with initial developments like platforms and I do think mining is an important business that we want to support and right now mining for BTC is cenralized and we want more players to participate. We also want to support the existing players out there.”
Speaking more on the topic, CZ mentioned that anybody can participate in the mining pool, adding that the Binance mining pool wants to support both Proof-of-Work [PoW] and Proof-of-Stake [PoS] mining.
Furthermore, CZ also touted a new platform – Binance Finance, a platform that will include all interest-earning vehicles like staking, lending, borrowing, etc. CZ said,
“… interesting generating products, we are collectively putting them into Binance Finance.”
Speaking about Binance’s Mergers and Acquisitions, CZ went on to say,
“We should never sacrifice one business to subsidize another. Each business needs to compete on its own.”