With such significant growth in the cryptocurrency industry, the entities that are benefitting the most are the cryptocurrency exchanges. If we look back into 2018, we would see that the total number of active users on the cryptocurrency platform was around 35 million. However, by September 2020, this figure had jumped all the way up to 100 million unique/active users on the crypto-platform.
This figure and the increase in cryptocurrency investment rate has proved how much adoption the industry has managed to gain in just two years’ time. With so many users joining the cryptocurrency industry every single day, the pressure on the cryptocurrency exchanges has been increasing a lot.
There are many cryptocurrency exchanges that ended up losing their reputation and name because they were not prepared to take on such a high influx of investors. With the industry growing big, it was necessary for the cryptocurrency exchanges to keep introducing innovations and new services. However, many cryptocurrency exchanges lacked this approach and ended up losing their user-base.
This is when cryptocurrency exchanges such as Coinbase and Binance have proven their worth in the cryptocurrency industry. These exchanges have been making constant improvements and introducing innovative services in order to facilitate their users in any way possible.
Just recently, the largest cryptocurrency exchange ‘Binance’ has made a very promising announcement for its users that are based in the European region. The exchange announced that it is ready to expand its cryptocurrency trading catalog for European investors.
Binance announced that it is in the process of introducing a Bitcoin (BTC) options contract that will be based on the European-style. The exchange made the announcement surrounding the launch of its new feature on December 28, 2020.
The exchange has confirmed that it had already carried out the pilot phase for the new feature back in November by running it through the testnet trial. Binance revealed that it did not find any flaws or errors with the new protocol and the overall outcome of the testing was successful.
In the announcement, Binance cleared that the new options contract will have a price and would be settled in Tether (USDT).
While announcing the new options contract, Binance confirmed why it has introduced this new feature. It explained that the exchange has been observing a significant increase in the amount of interest that the investors are now taking in Bitcoin (BTC).
Therefore, introducing this new feature will help the old and the new investors gain more profits and product safety. As a result, this new product will be able to attract more mainstream success, recognition, and adoption.
Right in the beginning of December, Binance announced that its Bitcoin Options had exceeded the $1 billion mark for the first time in the exchange’s history.