Binance Adds Bitcoin Options on Its Futures Platform
Binance has expanded its derivatives offering by adding Bitcoin options on its futures trading platform.
Announced on Monday, the global exchange is now offering Bitcoin options contracts with expiry between 10 minutes and 1 day.
“We are excited to present the options contracts. Like the futures contracts, we will devote all our resources to BTC options initially, and introduce more digital assets when the first pair picks up,” Aaron Gong, VP of Binance Futures, said.
Known for offering crypto-to-crypto trading, Binance jumped into futures offering late last year and recently has become the market leader for such offerings surpassing BitMEX.
“The strategy proved to be very effective in driving the growth of Binance Futures and helping us enhance the futures product. I’m confident that it will also boost the growth of our options product,” Gong added.
The feature for Bitcoin options trading is currently only available on the mobile platform of the exchange and will be supported on the exchange platform “soon.”
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“I’m impressed by the speed our community has adopted Binance Futures,” Changpeng “CZ” Zhao, founder and CEO, said. “It has evolved quickly in the last six months and grown into a leading crypto derivatives platform.”
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Meanwhile, the exchange giant is also focusing on spreading its business across various crypto-related sectors.
Zhao recently revealed that the global exchange is investing a quarter of its annual profit.
“We usually spend about a quarter of our profit on investment opportunities every year, as we grow our portfolio of businesses beyond just trading,” CZ told the South China Morning Post.
Binance estimated to have profited around $550 million over last year, meaning its investment in expansion is substantial.
Notably, the exchange giant has recently acquired Coinmarketcap.com, a major crypto market data aggregator, for $400 million.
Published at Mon, 13 Apr 2020 09:12:30 +0000 Binance Adds Bitcoin Options on Its Futures Platform