Binance platform has recently added margin trading for Cosmos(ATOM).
What is Binance Doing Differently from BitMEX?
Binance’s recent move of adding ATOM gives it a competitive edge over BitMEX, as the latter doesn’t provide many options for margin trading when it comes to altcoins. The newly added ATOM coin can presently be paired with Bitcoin(BTC) and Tether(USDT).
Three weeks back, Binance added margin trading for NEO and Monero(XMR). At present, the trading pairs available on the platform include NEO/BTC, NEO/USDT, XMR/BTC, XMR/USDT.
Also, Binance added margin trading for BCHABC and Stellar(XLM) in August. Cardano(ADA) and Ontology(ONT) were also included in Binance’s list of margin trading coins in July.
Recent Developments on Binance Platform
On the 28th of August, Binance announced its lending platform. Binance believes that it will increase the availability of funds to margin traders. Further, Binance.US recently announced the beginning of phase 1 of its launch in the US.
The customer registration and verification will begin on 18th September 2019. It will commence by accepting crypto deposits for BTC, ETH, XRP, BCH, LTC, and USDT. Binance also reaffirmed that soon they will be adding support for other cryptocurrencies.
BitMEX- Binance Debacle
Yesterday, Changpeng Zhao (CZ), Binance CEO, revealed that the Binance futures platform had been attacked, but the attack had failed because of the platform’s feature of liquidating futures at index price, an innovation, which he claimed, was done by Binance. In response to this, Arthur Hayes took to twitter and offered CZ, coaching in “advanced methods” of copy-pasting for 51% of his equity. His response came as a sarcastic dig at CZ’s claim of innovation. CZ responded by saying that he will take any classes that Hayes has to offer in exchange for 49% of his equity.
With that being said, it all makes sense as to why Binance is eager to add so many altcoins on its platform.
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.