Binance Futures Launches ATOM / USDT Perpetual Contracts With 50x Leverage
The margin trading wing of popular cryptocurrency exchange Binance has announced that they will soon be offering traders access to up to 50x leverage on popular cryptocurrency ATOM.
An announcement by Binance said:
Binance Futures will launch ATOM/USDT perpetual contract and trading opens on 2020/02/07 08:00 AM (UTC). Users will be able to select between 1-50x leverage.
#Binance Futures Will Launch @cosmos $ATOM/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/q6EtXBt2bX pic.twitter.com/UvUTNXevRb
— Binance (@binance) February 6, 2020
Binance has started to take a precautionary measure in order to ensure that there would no market manipulation post the launch of the Futures product. The platform would be implementing a “pricing limit of ±1% on the mark price” within the first 15 minutes of post-trading. This move may have been a result of the exchange being drawn to the drastic price rise of certain cryptos, after announcing support for them on its platform.
Anchorage adds custody and trading support for Cosmos
Anchorage has recently announced that it will be supporting ATOM. Anchorage is a firm that holds cryptocurrencies for institutional investors. As Cosmos is a proof-of-stake network, investors holding ATOM can take advantage of staking rewards. Through Anchorage’s new crypto brokerage service – Anchorage Trading – investors can also trade ATOM. Chjango Unchained, Head of Community at Cosmos and Tendermint, said about the collaboration:
Anchorage’s support for ATOM custody means Anchorage clients will be able to take part in securing the Cosmos Network through ATOM staking. We’re excited to open the floodgates of user adoption through service providers like Anchorage. Custody and trading now live, staking coming soon.
Binance US Offers Staking Rewards for ATOM
As AZCoin News reported on Jan 29, Binance.US has announced the launch of staking rewards on its desktop and mobile app. Staking rewards will be available for Algorand (ALGO) and Cosmos (ATOM) for Binance.US users, with more PoS coins to be added soon. According to the company’s official announcement, staking rewards will be available both on its desktop platform and mobile app.
An alternative to proof-of-work (PoW) mining, staking encourages cryptocurrency holders to participate in the network by depositing their coins in specialized public addresses. Users compound holdings through disbursed network rewards for verifying transactions while bolstering the network’s overall security.
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