By Binance has marked 27 months since starting operations (September 13 to October 15, 2019). In its 27-month Binance has gone international with new frontiers in other countries as well as new services that cater directly to the two biggest crypto markets in the world. Currently, Binance Futures is the second-biggest BTC futures market in the world, based on daily BTC/USDT futures volumes. This is according to Skew. Additionally, the 24-hour BTC volume for Binance Futures has recently exceeded BTC volume on the Binance spot market.
In the past few months, Binance Futures has achieved several milestones in just a single month pointing out at the success of the project.
Binance Future Milestones
As noted earlier, Binance has achieved a crucial milestone since its launch. In just one month, the platform has launched two essential products making cryptocurrency trading efficient. Binance Future fiat partner, Binance.US launched in the US in October. Binance. US employs Binance’s sophisticated crypto trading technology enabling users to buy up to 17 different cryptocurrencies using the US dollar starting from October 17. In coming days, the platform will add new crypto-to-crypto trading across 16 trading pairs.
To add on its collection, Binance launched over-the-counter trading functions in China, enabling users to trade BTC, ETH, and USDT against the Chinese Yuan. The current P2P trading platform is exclusively accessible to Android users but will soon be rolled out to iOS and web platforms.
Apart from the trading platforms in China and the US, Binance Future has also launched new products and features around the world. The platform has partnered with Koinal enabling users to purchase crypto using any local currency through debit and credit cards at the lowest transaction fees available in the market today. Binance Future also launched Binance Staking, a platform that assists users to understand their staking advantages when storing crypto on their Binance accounts.
$700 Million Record
According to analyst Skew Markets, Binance set a new daily trading volume record despite the harsh conditions facing the cryptocurrency sector today. The platform has transacted more than $700 million involving BTC/USD futures product, making it the third most traded behind Huobi and BitMEX’s offerings. Skew also noted that BitMEX’s trading volume was a downward trend with last Saturday noted to be the slowest day for BitMEX trading volume dipping to $ 1 billion compared to $14 billion highs in late June. However, despite meeting a crucial milestone and setting a new transaction record, Binance’s anchor coin Binance coin (BNB) has declined sharply [b1] over the past few months. Changpeng Zhao, the CEO and founder of Binance, isn’t sure why the BNB price has slumped over the past few months, noting the drop in Bitcoin price as a possible reason. Nonetheless, BNB price will pick up following a quarterly burn of 2,061,888 BNB, leaving only 185,474,825 BNB in circulation. The exchange says it will continue with regular burns until there are 100,000,000 BNB left.
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