Binance has announced that they will soon be offering traders access to up to 50x leverage on the Kyber Network’s token KNC. In the announcement, the company stated that the KNC / USDT perpetual contracts will begin trading at 2020/06/22 09:00 AM and users will be able to select the leverage they want ranging from a minimum of 1x up to a maximum of 50x.
#Binance Futures Will Launch @KyberNetwork $KNC/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/B1GXdl6t73 pic.twitter.com/Fg8ECdOADd
— Binance (@binance) June 22, 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.
2020, the year of DeFi
As AZCoin News reported on June 19, ParaFi Capital, a San Francisco-based investment firm focused on blockchain and decentralized finance, has invested in Kyber Network ahead of its planned Katalyst upgrade.
ParaFi is best known for having received investment capital from billionaire Henry Kravis, co-founder of KKR, in June 2019. It has also had backing from Bain Capital Ventures and Dragonfly Capital Partners. According to Crunchbase, ParaFi previously invested in crypto exchange Coinbase and stablecoin developer MakerDAO.
Loi Luu, CEO of Kyber: “ParaFi has been a driving force in the governance and growth of DeFi. The ParaFi team did extensive due diligence to understand the nuances and contours of the Kyber protocol, developing a deep understanding of the potential of the network. With their support and active participation in the KyberDAO, we are confident that we can bring Kyber’s role as the liquidity layer for DeFi to the next level.”
Santiago Roel Santos, Partner at ParaFi Capital, says: “We have been working closely with the Kyber team on their crypto-economic re-design and transition to a DAO with Katalyst. Kyber’s growth trajectory and breadth of integrations across the DeFi stack are impressive, as it evolves to become a liquidity protocol for the ecosystem.”
DeFi has been a hot topic in recent days, with the emergence of Compound (COMP). The project which is carving out a sizeable portion of the DeFi market share, placing at the top of the list in terms of total market value. Capitalizing on the buzz, FTX, a crypto derivatives exchange, recently moved to list derivatives based the token just days after it launched.
Read more:
- KyberSwap Is Now Using Chainlink Price Reference Data To Update Our Asset Prices
- Kyber Network Partners With StakeCapital To Provide Convenient KNC Staking Services