Binance launches OpenAI pre-IPO contracts after SpaceX contract exceeded $280 million
Binance just rolled out a new way to trade on the future value of big private companies: this time, it's OpenAI.
After their SpaceX contract saw more than $280 million in cumulative trading volume within five days, Binance is now letting eligible users speculate on what OpenAI might be worth before it actually goes public.
Binance sets pre-IPO pricing and safeguards
These pre-IPO contracts use public pricing signals until the company lists, then switch to live market data.
Binance will settle contracts according to a stated process if an IPO is postponed or canceled.
Binance has also added safeguards if an IPO gets delayed or canceled.
Their head of spot and derivatives, Shunyet Jan, said the quick user interest shows people are excited about these crypto-powered trading options tied to major tech stories.