Binance Futures, the futures trading platform of Binance has recently announced the launch of new perpetual contracts for both XRP and ETC. This has been revealed by the firm in its announcement on Tuesday, September 08.
The firm has revealed that all the new products will be available for trading on the platform on September 09 at 7:00 AM UTC. Binance Futures has also specified that these contracts will be paired against the USDC stablecoins.
Launch Scheduled On Binance Futures’ One-Year Anniversary
It has been seen that this launch of new products by Binance Futures is coming on its one-year anniversary. It was launched back in September, 2019 and since then has gained quite huge popularity in the derivatives market. The major reason behind gaining this huge popularity is the user base of Binance, which has created quite a big competition for other exchanges.
In a recent report by CryptoCompare, Binance has been ranked as the third-largest exchange by monthly derivatives volumes in August. Both Huobi and OKEx are ahead of Binance in this report.
Other Exchanges Also Rolling Out Similar Product
It has been seen that there are a lot of other exchanges as well that are rolling our similar products like that of Binance. Ethereum classic has also launched a similar product due to which there has been a 40 percent increase in the price of cryptocurrency within only 24 hours of its launch. Binance Futures added XRP on its platform back in January. It has also become the first major exchange that has added XRP perpetual contract margin against USDT stablecoin. Back in May, Binance also added the options contract for both XRP and Ethereum. It also aims to offer traders an opportunity to go both long or short on the assets with around 75x leverage.