The crypto industry’s second-largest firm in terms of daily trade volumes, Binance, has been making waves and getting the attention of many with their new offerings and recent developments. The crypto exchange company is now notably, enabling users to put up their crypto holdings as collateral to finance futures dealings. The company also rolled out their services to instant purchases of the four most prominent cryptocurrencies using Russian Ruble.
The Cross Collateral feature
As briefly stated above, Binance now allows users to utilize their current stored assets as a guarantee to trade futures contracts without having to use their coins to fund their purchases directly. They call this new feature the “Cross Collateral” which already hit the market before the press could even know about it.
As it currently stands, the service users can already borrow Tether (USDT) with zero interest against Binance USD (BUSD) holdings – the company’s stablecoin that was issued alongside New York’s Paxos. This, in turn, will eliminate the need to shift BUSD to a futures wallet.
The director of Binance Futures, Aaron Gong, claims that their users may expect added tokens to be supported in the coming future. He later added that the Cross Collateral is an anticipated feature for Binance traders, emphasizing that it will provide them enhanced flexibility and broader options of deposits to available futures positions.
Binance Futures allows users to trade up to 13 pairs with significant leverage, as well as hedge current positions to control their risks. As of right now, users of the platform can trade BTC contracts with up to 125x leverage. This is the current highest figure among all major crypto firms.
Binance and the Russian Ruble
As stated within their official announcement last February 5, this recent development within Binance will enable users to sync their Visa banking card and then use it to buy Binance Coin (BNB), Ether (ETH), Bitcoin (BTC), and Ripple (XRP) with the Russian currency. The global exchange then promised that it would only take less than a minute to complete such purchases, and there will be no required deposits before the particular purchases. They also added that they plan to support Mastercard and other forms of currencies soon.
It was on the edge of October 2019, wherein Binance quietly released the ruble trading. Initially, this feature only allowed users to withdraw and deposit the Russian currency within the platform. At that time, the country was among the top 10 markets of the exchange, as per Binance’s CEO, Changpeng Zhao. This was evidenced by a survey conducted by Forklog, a Russian news outlet, last summer. The particular study shows that 60% of respondents from Russia, Ukraine, and Belarus, prefer Binance over other crypto firms.
The other moves made by the exchange firm
As big as the two discussed developments above may be, those aren’t the only moves made by Binance to further appeal themselves to the public. Last Tuesday, February 4, they also announced that they would be adjusting their fee structure in the effort to entice market makers to add liquidity to their platform. Under this newly improved Binance Futures Market Maker Program, the market makers will get a negative fee for putting trades on particular pairs. The exact details regarding the revamped program are yet to be officially released.
Not only that, back in December of last year, the exchange firm also successfully extended its trading aptitudes for the Turkish Lira and even added a brand new swapping pair for it and the Russian Ruble. Just recently, they have also launched peer-to-peer trading for the Vietnamese dong. This would allow users to purchase and sell prominent cryptos directly by using the currency through the updated Binance P2P app. This mobile app is currently available on both iOS and Android.