Binance Wallet has announced the ability for users to trade leveraged crypto futures bets directly, avoiding the risks of holding their coins on a centralized exchange like Binance itself, which has the largest trading volume in the industry.
Binance announced on Wednesday that users can now trade directly through their wallets with full control over their coins, following an agreement with Astor, the second largest decentralized perpetual platform.
The move reflects growing demand from users to combine the speed of centralized finance (CeFi) with the control of decentralized finance (DeFi). Users want seamless trading without the risk of holding their coins on an exchange, a danger highlighted by the collapse of former centralized perpetual trading giant FTX in 2022.
The move is “an important step towards providing users with more sophisticated trading tools while maintaining full asset control, and strengthens our commitment to providing a secure and trusted gateway to a decentralized world,” Binance Wallet Global Lead Winson Liu said in a statement shared with CoinDesk.
Binance Wallet is a self-custody wallet designed to help users explore Web3, interact with DeFi, and manage their digital assets with confidence. Although it is a component of the Binance ecosystem, it lags behind rivals such as ConsenSys’ Metamask and Binance-owned Trust Wallet in terms of user numbers.
By enabling on-chain perpetual transactions, Binance Wallet could evolve into a full-featured app, drawing users from the exchange’s 200 million+ user base into the Web3 experience.
The integration with Aster is the first of its kind within the Binance ecosystem.
“There is no such integration on the centralized Binance exchange, which offers its own futures platform,” the spokesperson said.
This feature is only available to users on the wallet’s web interface. BNB Smart Chain enables seamless trading of leveraged contracts without third-party connections. BNB of the chain BNB Tokens, Tether’s USDT Stablecoin, Bitcoin BTC$94,872.21,ether Ethereum$3,326.99 And others.
Astor also supports contracts related to stocks such as Apple (AAPL) and Nvidia (NVDA), as well as the Invesco QQQ exchange-traded fund. According to the press release, the availability of diverse markets will allow Binance Wallet users to diversify their portfolios within a decentralized ecosystem.
Aster’s 24-hour trading volume was $6.74 billion. Market leader Hyper Liquid has a holding of $8.46 billion.
