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Binance to Launch 21st Round Dual Savings Products

Binance to Launch 21st Round Dual Savings Products
  • Binance will launch its 21st Dual Saving product in the year coming.
  • As part of its platform expansion, several exchanges like Bittrex, Coinbase Pro, Gemini, and others will conduct the Pool calculation.

Exchange giant Binance will launch its 21st dual savings products in a year ahead. Binance announced its upcoming dual savings products launch on a “first-come, first-serve” basis.

Binance Dual Savings Product Details
Binance Dual Savings Product Details

As seen above, Binance detailed a series of examples on the Dual Saving product launch walkthrough.

According to Binance, if a user purchases 1 BTC of the Dual Savings product, the actual price becomes $X and Y% respectively, where Y% represents the yearly interest rate.

However, if the BTC settlement price becomes less or equal to the strike price, then users’ settlement currency in return will be BUSD. Otherwise, if the BTC settlement price happens to exceed the strike price, then the settlement currency of users becomes BTC.

Progressively, Binance said that the actual strike price of its Dual Saving products will be adjusted. This is according to the spot price after the first offer period within 24 hours.

Individual users should view their Dual Saving assets through the Dual Pool Savings icon. For the Pool’s calculation, the settlement price will be an index of Bitcoin prices across almost about seven major exchanges.

The exchanges were enlisted as Bittrex, Coinbase Pro, Gemini, Kraken, Itbit, and LMAX Digital.
During the settlement, the lowest and highest prices from any of the exchanges will not be considered.

Moreover, the accepted final settlement price is based on the average price in the remaining exchanges.

Users must check the technicality of the delivery date as well as when the investment product expires. Accordingly, the users’ spot wallet will receive the fund allocated in the Dual Savings product with an interest.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.