Binance has revealed its upcoming futures platform, where traders can bet on the price of Bitcoin going up or down, will officially open tomorrow to all Binance users, according to a statement. The platform had previously been in beta mode.
After spending two years building up its main exchange platform and a number of fiat-to-crypto exchanges in various locations around the world, including Singapore and Jersey, Binance has started expanding its trading facilities. It recently added both margin and leverage trading options, allowing users to borrow money when making trades—amplifying both their winnings and their losses.
So far, the futures platform has seen over $150 million in trading volume, despite being open to just a subsect of Binance exchange users.
Fees on the platform will be paid in Binance Coin, BNB—the exchange's native coin. The platform is offering a 50 percent discount on trading fees for the first three months of operation.
Currently, Binance commits to burning (removing from the supply) 20 percent of its quarterly profits. This reduces the supply of Binance Coin, allegedly putting upwards pressure on the price. Binance said in a statement that any profits from the futures platform will be counted when making the quarterly burn. That means, assuming its profits from its main exchange remain steady, it will likely be burning more BNB every quarter.