Binance pays up to $220K to its users who are willing to try the new Bitcoin futures trading platform and its features according to the reports that we have in our latest cryptocurrency news.
In a blog post that was issued today, the exchange stated that it had created two versions of the futures trading platform and will select the final option via a competition between the users. Running from 3rd to 8th September, the traders on the platform will vote for their preferred option and the winners will share a 100,000 Binance Coin bounty and a discount on trading fees. 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.’’
Binance will start the testing phase via a simulated session which involves up to 100,000 tokens of the stablecoin Tether. The users will also have to meet certain conditions such as the ending of the competition period with a balance that is equal to more than the original 100,000 USDT allocation. The first prize in the competition is 1000 BNB. Binance has been promoting its futures offering in recent months as many operators signal the entry into the market. The announcement comes just a day before Bakkt from the New York Stock Exchange owner Intercontinental exchange starts accepting deposits for the futures trading product. Binance pays the users to test the platform before it launches it.
The commentators are eyeing the impact of the new players on Bitcoin as the current futures activity has affected the price of the cryptocurrency previously. Just last week with the setting of the settlement date for CME group’s futures, there were some worries spiked of an upcoming crash and the BTC/USD rate fell 8% ahead of the day of reckoning. Both CME and others set continued volume records this year. As it was reported in the coming altcoin news before, this new instrument is not the only one on Binance’s radar. The exchange debuted the margin trading in July and while in August it announced an analog to Libra’s cryptocurrency.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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