Largest cryptocurrency exchange, Binance, has launched a 50,000 USDT Binance Futures giveaway vouchers for traders of Ethereum (ETH) and XRP options contracts.
The giveaway is to celebrate the launch of the Options on Binance. The development comes over a week after Binance Futures Options launched trade for XRP and ETH.
This time, on Ethereum and XRP options contracts, users having more than 600 ETH or 600,000 XRP trading volume are entitled to share from the 50,000 USDT in Binance Futures Vouchers.
Binance says those without the Binance Futures account should open, to be able to have access to the opportunity.
Meanwhile, those that trade more than 600 ETH and 600,000 XRP worth of their equivalent options contracts volume would not be eligible for multiple rewards.
Binance says the volume bonus lasts for 7 days due from the day of distribution, this it says is in line with its terms and condition, and the exchange reserves the right to get traders disqualified in case of any noticed fraud or another form of misconducts from traders.
May 25, the Binance derivative platform added Ethereum and XRP options, this comes more than a month after the exchange launched its options trading for Bitcoin (BTC). With options, users can buy or sell crypto assets at a certain timeframe.
According to Chnagpeng Zhao, the CEO of Binance, the cryptocurrency options contract gives traders the insurance on their positions. It also gives the pride to allow speculation to take the opportunity of the market directions.
While people enjoy trading options contracts, Binance believes it is risky and does not have the guarantee of executing at a gain the moment the premium was deducted. The statement cannot be far for truth, as in January, the Bakkt’s Bitcoin options went to zero after the trading volume plunged.
Binance’s Acquisition Spray.
Binance is a major cryptocurrency firm that spends a lot in the acquisition of crypto-related firms. Binance seems to be using this approach to extended it tentacle and power in the crypto industry.
On the 2nd April, Binance completely acquired crypto data tracking platform CoinMarketCap for an undisclosed amount. However, reports claim the acquisition was worth $400 million.
The sudden acquisition was condemned by the crypto community, considering the decentralization nature of the space, and many raised concern that Binance would have influence over the activities of the crytpo tracking platform. However, CoinMarketCap promised to continue maintaining its independent nature.
CoinMarketCap has a large volume of users and arguably receives an enormous amount of revenue.