Crypto exchange unicorn Binance will launch Binance Coin (BNB) futures trading on Feb. 10.
As the 17th cryptocurrency available on Binance’s futures trading branch, BNB comes with 50x leverage, paired against Tether’s USDT stablecoin, Binance detailed in a Feb. 7 press release provided to Cointelegraph.
BNB pumped with the rest of the market
Binance’s BNB coin has already rallied several dollars this month, hitting a price of $22.16 by press time. Cointelegraph analyst and trader Keith Wareing sees upcoming demand for the BNB asset itself.
“Looking at trading volumes on Binance, it’s clear they don’t have to sell any of their s***coin for revenue,” Wareing said in a Telegram message, adding:
“As such, during the forthcoming bull run, their position as one as one of the most trusted and secure exchanges in the space guarantees to add demand to the BNB token, so I expect it to outperform all other top 10 assets if the Bitcoin bull run continues.”
Digital asset trader and social media personality Crypto Dog suggested it was pro-BNB in a Feb. 7 tweet, saying, “Anybody else like BNB?” The crypto-Twitter crowd posted a mixed bag of positive and negative reviews in response.
Binance grew quickly
Binance got popular quickly after its 2017 launch. By summer 2018, the exchange saw more than $1 billion in single day trading volume. Binance shortly after collected $78 million of profit in the first quarter of 2019.
The business continued its expansion throughout the first half of 2019, funneling millions of dollars in volume through its Binance Launchpad for various initial exchange offerings, or IEOs.
Several months prior to its futures trading platform launch, however, Binance banned U.S. customers. Since the ban, the exchange has opened up a U.S. branch, as well as grown its futures trading platform, hosting Bitcoin futures with 125x leverage, which is substantively faster than others.
This new offering comes on the heels of releasing Zcash (ZEC) futures trading earlier this week.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.