According to the Bloomberg report, Binance Holdings, the top spot cryptocurrency exchange by trading volume, is adding to its suite of derivatives products with quarterly Bitcoin futures. The new contracts will be settled in Bitcoin and expire on the last Friday of each three months, and are part of a broader strategy to introduce futures with fixed settlement dates, Binance CEO Changpeng Zhao revealed. According to the announcement, the new product is available on the firm’s web trading interface and will be accessible on the mobile version at a later date.
“We wanted to go from longer-term to shorter.”
The CEO of one of the leading crypto exchanges in the world, Binance, Changpeng Zhao, said that they have the perpetual futures, and wanted to go from longer-term to shorter. The CEO further added that they have a lot of users who trade futures on other platforms with delivery futures, and are asking them to launch delivery futures so that users can trade in one place. We launch products relative to user demand, he added. According to the CEO, Binance will likely add monthly and weekly contracts in the future, depending on how this rollout goes.
Binance continues to dominate the crypto industry as many fear monopoly.
Over the last few years, crypto exchange Binance has made several acquisitions. Binance currently offers leveraged tokens and options, in addition to the perpetual futures that don’t have expiration dates. Earlier, the leading crypto exchange by trading volume launched its mining pool last month. The exchange got mixed reactions from the crypto community, with some commentators expressing concerns that Binance’s pool will further centralize the Bitcoin hash rate among a small number of pools. The head of the mining pool, Lisa He, discredited the criticism saying that the mining pool launch will comprise a decentralizing force upon the mining sector.
