By Hassan Mehmood (Saudi Arabia)
Binance Futures is adding more and more cryptocurrencies as the platform expands. Binance Futures is the futures trading platform of a giant crypto exchange called Binance in the world of digital currencies. Recently, it has added a perpetual contract for the cryptocurrency XRP.
Launch of third perpetual contract
The XRP is the third perpetual contract in a row that paired against the Tether (USDT). The users of the exchange will be able to get leverage from 1-75x as announced by the exchange on Monday.
It is also interested to pinpoint that XRP/USDT perpetual contract is now provided by such a giant crypto exchange. Before this announcement, there were futures platforms that offered futures contracts for XRP/USDT such as Delta and BaseFEX.
The Binance Futures is said to be launched in the last September and offered contracts for three other cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH).
Institutional Participation is high
The company is offering the highest leverage in the crypto markets that is up to 125x. The institutional participation is the reason for such a large leverage range as claimed by the Binance CEO Changpeng Zhoa who is also known as ‘’CZ’’. He said ‘’ These professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance’’.
Also read:In the last week of December, it is reported that Binance Futures volume is increasing. On Dec.20, the futures volume touched its all-time high mark when the price of BTC went down drastically. The head of the Binance, Aaron Gong, briefed the users that volume reached up to 108,500 BTC that is worth $850 million.
The most searched futures trading site Bakkt is far more behind than Binance Futures for BTC futures contracts. And it should also be noted here that Binance futures have fees far lower than the margin trading platforms. This might be the reason for its large leverage range.
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