Binance Introduces Two Platforms for Crypto Futures Products

Cryptocurrency exchange Binance has introduced not one, but two test platforms for its anticipated crypto futures products. 

Named Futures A and Futures B, the new testnets are presently open for clients to play with utilizing dummy assets, with new competitions to encourage traders to get involved.

On Monday, Binance revealed on its site that users would be able to vote for their favorite futures testnet.

With regards to competitions, Binance stated it’ll grant prizes totaling 10,000 Binance coin (BNB) – worth roughly $215,700 at the time of writing – for each platform.

In early July, Binance founder and CEO Changpeng “CZ” Zhao announced that crypto futures were on the way, displaying a trading interface with features such as longs and shorts on crypto assets.

The exchange also introduced crypto loans on August 28 in a bid to attract client deposits.

The clients initially will be able to loan their U.S. dollar-pegged USDT, ethereum classic (ETC), and Binance’s BNB cryptocurrency to gain interest, payable from August 29 to September 11. The annualized interest rate for the first lending products with a 14-day fixed maturity term would be 15 percent, 10 percent, and seven percent, for BNB, USDT, and ETC, respectively.