Binance Coin Clocks $34 After Exchange Teased Launch of Margin Trading
The price of Binance coin has recently jumped by 12% to hit the $34 mark after the cryptocurrency exchange teased the launch of margin trading. Margin trade is an important growth factor for cryptocurrency trading.
Through Twitter, the leading cryptocurrency exchange teased the arrival of margin trading options for its users through a post asking them whether they prefer the light or the dark theme.
Changpeng Zhao, the company’s CEO, initially revealed the exchange was set to add margin trade options earlier this month during a live stream that followed a security breach that saw hackers steal over 7,000 BTC (over $40 million) from its hot wallet.
TechCrunch reported that the cryptocurrency platform has beta tested margin trade among selected users, and a Binance representative has confirmed the exchange will launch the feature “soon.”
Margin trade lets traders use their balance as collateral to enter leveraged positions, allows them to make greater profits and also carries greater risk.
The feature is part of a wider number of upgrades the exchange is looking to add. Binance has back in January of this year launched Binance Jersey, which lets users trade BTC and ETH with EUR and GBP, as well as a decentralized exchange (DEX) that’s set to let users trade from their own wallets.