Binance Zhao Signals at Bitcoin Options Trading Launch

Binance’s CEO Zhao Signals at Bitcoin Options Trading Launch

Binance, the world’s largest crypto currency exchange, has suggested it plans to start trading options for Bitcoin (BTC).

The official handle of the exchange and another by CEO Changpeng Zhao posted on April 3 revealed “testflight leaks” and a screenshot of an apparent BTC / Tether (USDT) options trading prototype contracts.

Binance’s performative “leak” social media revealed trading support options as one of the items on a “what to test” list, which included other products previously officially announced, such as the Visa-issued Binance Card.

As a popular derivative that allows traders to hedge against asset price swings in either direction, an options contract offers the opportunity to either purchase a right to purchase (a call option) or sell (a put option) a given asset at a specified “strike price.” This strike price is determined on or before the expiry date of the contract.

Bitcoin Options Rolled Out in 2019–2020

In October 2019, the Chicago Mercantile Exchange Group said it expected to see high demand in Asia for its own upcoming Bitcoin futures options product, first announced in September. In December, crypto-currency exchange based in Malta OKEx launched Bitcoin trading options for a select group of traders ahead of public launch in January 2020.

Cryptolydian reported this month that, Binance announced plans to launch its own Bitcoin (BTC) mining pool, which will be the first for the popular crypto exchange.

The Russian crypto news publication Coinlife broke the news on Tuesday and was later confirmed by three sources in the mining business. Binance CEO Changpeng Zhao tweeted Wednesday about the pool.

“The company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020,” Coinlife wrote.

Jakhon Khabilov, head of the Sigmapool mining pool, said Binance is already offering “generous” referral bonuses to potential customers, as it has reached out to some miners in China to promote the forthcoming new service.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.