By owais ahmad
On Sep 19, 2020
Binance’s newly launched BTC futures trading platform is growing at an unprecedented rate. Yesterday, the Binance’s BTC futures set a new volume record by trading over $700 million in a single day. According to cryptocurrency data provider Skew, a month old Binance’s BTC futures platform is already at the fourth place by daily trading volume.
Malta-based Binance is already the world’s leading crypto exchange by volume. Now the company’s futures platform is also gaining quite a steam. Yesterday, Binance’s BTC futures traded above $700 million. Currently, the company’s BTC futures is at fourth place by trading volume just behind bitFlyer, Huobi, and Bitmex.
As of now, the market share of Binance has reached 8.63%. In a post, Aaron Gong, the director of Binance’s futures, credited the success of the futures platform to their core team. He wrote that they had made a decision early on the Binance Futures development process to focus on quality over quantity.
Binance Futures was officially launched on 13th September and traded 19,253 BTC in volume in the first 24 hours, and within ten days, the volume increased to 74,647 BTC. Aaron also informed that so far, they have had zero auto-deleverage liquidations (ADL) events.
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