Binance Will Pay Users $220K To Test Its Bitcoin Futures Platforms

Bitcoinist September 2, 2019
Updated 2019/09/02 at 7:08 PM
3 Min Read

Cryptocurrency exchange Binance is planning to pay users to decide how its new Bitcoin futures trading platform should operate.

Binance: Two Platforms, 100,000 BNB

In a blog post issued on September 2, the exchange said it had created two standalone versions of a futures trading platform, and would select the final option via a user competition.

Running for five days from 3-8 September, Binance traders will vote for their preferred option, with the winners sharing a 100,000 Binance Coin 00 ($219,500) bounty and discount on trading fees.

“Participants can vote for their favorite Futures platform after experiencing both Futures A and Futures B platforms in action,” the blog post explains.

“Participants who vote for the eventual winning Binance Futures Platform will receive a 50% trading fee discount for a full month[.]”

Binance will incentivize testing via a simulated trading session involving 100,000 tokens of stablecoin Tether 00.

Users must also meet certain other conditions, such as ending the competition period with a balance equal to or more than the original 100,000 USDT allocation.

First prize in the competition is 1000 BNB ($21,950) .

Bitcoin Futures Trading Universe Takes Shape

Binance has been mulling its own futures offering in recent months, as multiple new operators signal entry onto the market.

The announcement comes days before Bakkt, the institutional trading platform from New York Stock Exchange owner Intercontinental Exchange, begins accepting deposits for its futures trading product.

Commentators are keenly eyeing the impact of the new players on Bitcoin, as existing futures activity has affected the price of the cryptocurrency in the past.

Just last week, a settlement date for CME Group’s futures sparked worries of a crash, BTC/USD duly falling 8% ahead of the day of reckoning.

Futures nonetheless remain popular, with both CME and others setting continued volume records in 2019.

The institutional instrument meanwhile is not the only one on Binance’s radar. As Bitcoinist reported, the exchange debuted margin trading in July, while in August, it announced an analog to Facebook’s unreleased Libra digital currency protocol.

Dubbed ‘Venus,’ little concrete information is currently available on the project, which itself already has multiple competitors internationally.

Among them is encrypted messaging app Telegram, which plans to release its Gram cryptocurrency in October. According to the latest information, the company’s protocol will be directly compatible with decentralized applications on Ethereum 00.

What do you think about Binance’s futures testing? Let us know in the comments below!

Images via Shutterstock

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