In the maelstrom of events that has become 2020, the refrains “this is good for Bitcoin” and “Bitcoin fixes this,” shibboleths of the Bitcoin community, have increasingly come into focus.
Indeed, the buying boom from retail investors has been felt in institutional circles as well.
Binance, for example, has emerged from Black Thursday as an undisputed leader in Bitcoin’s unregulated derivatives market. While these derivatives can be traded by anyone with a Binance account, it also accommodates large account holders.
And these high net-worth individuals are signing up to Binance in droves, according to its founder and CEO, Changpeng Zhao.
“Institutional clients are signing up to trade on Binance at a faster rate this quarter. The number of new institutional clients onboarded in 2020 Q1 was 47.4% higher than in 2019 Q4,” he told Decrypt.
With these new signups comes 113% growth in Binance’s institutional spot markets and 217% on the futures end, Zhao said. Binance’s Bitcoin futures market saw over $2 billion dollars in volume over the last 24 hours, and its open interest (or, the total value of open trades on Binance’s futures market), is just above $260 million.
According to statistics shared with Decrypt, Binance’s US arm, which launched in September of 2019, is enjoying similar growth. The platform experienced a 82% increase in trading in March following the economic downturn in the US as a result of the coronavirus pandemic. To build out its institutional-grade offerings, Binance US now offers personal client support for account holders of $10,000 or greater.
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