By Davis Byrne (US)
Binance the crypto exchange has announced that it will give $220k to the users for deciding between its Bitcoin futures platforms.
The announcement was made in a blog post which is issued on 2nd Sep 2019.
Selection via User Competition
The cryptocurrency exchange has developed two platforms for bitcoin futures, which are referred to Futures A, and Futures B. Binance has decided to finalize between these two platforms through the method of users competition.
For this sake, the exchange is willing to give 100,000 Binance coins.
It is further explained in the blog post that the running time for this competition would consist of 5 days starting from 3rd Sep to 8th Sep and the winners will share the prize of $220k and the discount on trading fees.
As the blog post explains:
Participants can vote for their favorite Futures platform after experiencing both Futures A and Futures B platforms in action, Participants who vote for the eventual winning Binance Futures Platform will receive a 50% trading fee discount for a full month[.]
A trading session which includes 10000 tokens of Tether $1.00362 -0.05% would encourage the competition. Users will also have to end the competition with a balance equal to 100,000 USD allocations. The first prize that will be given is 1000 BNB ($21,950).
Also read:In recent months, the cryptocurrency exchange has been thinking about its own future offerings due to the entrance of new operators in the market.
The basis for this announcement was made when Bakkt, the institutional trading platform from New York Exchange owner institutional Exchange started to accept the deposits for its future trading products.
The existing future activity has had impacts on the crypto price in the market, so everyone is focusing on the influences of Bakkt futures on the Bitcoin price.
BTC/USD duly fall of 8% caused worries of a crash to the settlement date of the CME Group’s Futures.
Conclusion
So it is now top on the papers in the crypto world that Binance cryptocurrency exchange is planning on offering $220k to the users for deciding between their two futures trading platforms.
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