coindesk.com
Binance Wallet unveiled a feature allowing users to trade leveraged crypto futures bets directly while avoiding the risk of holding coins on a centralized exchange such as Binance itself, the industry's largest by volume traded.
Following an agreement with Aster, the second-largest decentralized perpetuals platform, users are able to trade directly through the wallet while retaining complete control of their coins, Binance said Wednesday.
The move reflects growing user demand for blending the speed of centralized finance (CeFi) with the control of decentralized finance (DeFi). Users want seamless trading without the risks of holding coins on exchanges, a danger highlighted by the collapse of former centralized perpetuals trading giant FTX in 2022.
The move is "a key step toward empowering our users with more sophisticated trading tools while preserving full asset control, reinforcing our commitment to providing a secure, trusted gateway to the decentralized world," said Winson Liu, global lead of Binance Wallet, in a statement shared with CoinDesk.
Binance Wallet is a self-custody wallet designed to help users explore Web3, interact with DeFi and manage digital assets confidently. While it's a component of the Binance ecosystem, it trails rivals such as Consensys' MetaMask and Binance-owned Trust Wallet in terms of user numbers.
By enabling on-chain perpetuals trading, Binance Wallet could evolve into a full-featured app, potentially drawing users from the exchange's 200 million-plus user base into a 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," a spokesperson said.
The feature is available exclusively on the wallet's web interface for users on BNB Smart Chain, and allows seamless trading of leveraged contracts without third-party connections using collateral such as BNB Chain's BNB token, Tether's USDT stablecoin, bitcoin BTC$94,872.21, ether ETH$3,326.99 and others.
Aster also supports contracts tied to equities, including Apple (AAPL) and Nvidia (NVDA), as well as the Invesco QQQ exchange-traded fund. The availability of diverse markets will help Binance Wallet users diversify their portfolios within the decentralized ecosystem, according to the press release.
Aster has a 24-hour trading volume of $6.74 billion. Market leader Hyperliquid has $8.46 billion.