Binance, the largest crypto exchange in the world, has just announced the trading volume on its crypto derivatives platform has reached $1T YTD. The company founder and CEO Changpeng Zhao said:
“The story of Binance becoming the world’s largest crypto exchange through our spot trading volume in our first year is one that we strived hard for. We are grateful that our Futures exchange has also been well-received by our users. We applied what worked for us in spot trading with Futures, ensuring platform stability, product innovation, excellent user-friendly interface and user support. We will continue to provide the community with the most engaging experience. User-centricity remains at the core across the entire Binance ecosystem.”
According to the data aggregator CryptoCompare, the trading volume on Binance Futures posted a 74% increase in August compared to July ($184.6B). According to CoinGecko and CoinMarketCap, Binance has the largest daily trading volume of Bitcoin futures. Aaron Gong, vice president of Binance Futures, said:
“We took Binance’s user-first creed to heart and built a robust foundation to support the community’s growth. We invested in an unparalleled matching engine that has proven itself time and again, and we focused our initial development in our first product to ensure we get it right. We now have 90 products across four product lines, to meet user demand for greater diversification. Binance Futures offers a wide selection of altcoin products, including Coin-margined and USDT-margined futures, options, and our innovative Binance Leveraged Tokens. Altcoins account for about 40% of our volume.”
Market research shows trading volumes during the first and second quarter of 2020 surpassed $2T, and volumes during the second quarter of 2020 increased by 165% compared to the same period last year. This indicates an acceleration in the growth rate of global trading of crypto derivatives.
Binance Futures was launched back in September 2019. The platform allows experienced users to trade crypto futures contracts with a leverage of up to 125x. Binance Futures is currently organizing a trading tournament that will generate up to $1.6M in BNB tokens.
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