Malta-based exchange of crypto-currency, Binance was launched in 2017 only three years ago. Despite a little late entering the crypto market, the exchange was quick enough to establish its position in the crypto-verse. Binance is currently the largest cryptocurrency exchange in the world. The exchange never fails to roll out new updates for its users and the platform. Despite being subject to several scandals, Binance continued to retain its position on the top. Earlier today, the exchange launched coin-margined perpetual contracts for two popular coins.
XRP And ETC Join The List
At 7:00 AM [UTC], Binance commenced trading services for coin-margined perpetual contracts for the coins XRP and Ethereum Classic [ETC]. Users would be allowed to leverage the coins within the range of 1-75x. The aforementioned coins would be paired against the United States Dollar [USD]. Binance made the announcement via a blog post and suggested,
“The XRPUSD and ETCUSD coin-margined perpetual contracts are futures contracts that use base assets i.e. XRP and ETC as collaterals.”
The Changpeng Zhao-led exchange recently rolled out the coin-margined perpetual contracts feature along with USDT-margined futures. Back in August, CEO CZ revealed that the volume of both Coin-margined, as well as USDT-margined futures, reportedly went up to a high of $13 billion.
While XRP and ETC are the latest additions to the list, Bitcoin [BTC], Ether [ETH], Chainlink [LINK], Binance Coin [BNB], Tron [TRX], Cardano [ADA] along with Polkadot [DOT] have been part of coin-margined perpetual futures. Even though the “Order Price Cap Ratio” for every coin is 5% the leverage for Bitcoin ranges from 1x to 125x while the leverage of altcoins is limited from 1x to 75x.
The crypto community seemed to be happy with the exchange’s latest additions, however, some of them pointed out that rolling out ETC futures would be a mistake citing the series of 51% attacks the network has endured in the past month. Twitter user, @simonadams19821 said,
“Are you seriously launching etc futures with the network constantly being attacked wow talk about irresponsible @cz_binance I urge you to reconsider this.”
Additionally, the price of Ethereum Classic [ETC] seems to have taken a hit post the 51% attacks. During the time of writing, the altcoin was trading at a low of $5.07 with a 1.39% plummet in its price over the last 24-hours.