As per the announcement, the platform listed bitcoin to function as cross collateral following the addition of Tether (USDT). This gesture by the world’s largest cryptocurrency exchange is an act of widening its market reach and rivaling its closest adversaries such as BitMEX; who offer BTC cross collateral.
How Binance futures against Bitcoin works
Once you log in to the Binance Futures platform, the ‘cross collateral’ option emerges on the screen. Users can establish how many Tethers they wish to secure with BTC as their collateral and after that; they can engage in the ‘ start borrowing’ activity.
Afterward, the user will have the amount of Tether they borrowed deposited in their futures wallet; while at the same time, the collateral BTC amount will be subtracted from their spot wallet. In addition, you can click here to comprehend more information on Binance Futures platform.
Moving forward, Binance Futures announced its first-ever cross collateral digital asset, Binance USD (BUSD) in February this year. During the announcement of the BUSD listing, the exchange noted that borrowing Tether with it as collateral will attract zero fees. However, Binance has not elucidated if the same applies to leverage Binance futures against bitcoin.
New products on Binance’s P2P platform
Furthermore, the popular exchange has also been making further developments on its peer-to-peer platform on top of the futures developments. During the start of the year, Binance added support for the Vietnamese Dong as it continues to widen its fiat gateway. In addition, last month the Russian Ruble got listed. This month though, there have been further additions.
Binance P2P platform users can now maneuver around the platform using Euro, the Malaysian Ringgit and the Ukrainian Hryvnia. Binance users can use these new fiat additions to purchase and sell digital currencies; on top of the Binance futures against bitcoin addition on the futures platform.
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