Main cryptocurrency alternate Binance introduced that it's about to launch a brand new futures product monitoring crypto asset NEO.Per the announc
Main cryptocurrency alternate Binance introduced that it’s about to launch a brand new futures product monitoring crypto asset NEO.
Per the announcement printed on Feb. 16, the NEO/USDT futures will likely be launched on Feb. 17 and merchants will be capable of choose leverage between 1x and 50x. The charges that the alternate imposes on trades of the contract in query are a 2% base preliminary margin charge, 1% base upkeep margin charge and a 0.5% liquidation price.
What’s NEO?
The Binance info web page devoted to NEO explains that it’s an open supply platform pushed by its group that makes use of blockchain, good contracts and digital identities to digitize and automate asset administration. The web page additionally mentions that the blockchain first launched in 2016 and is predicted to improve to the third model of its software program (Neo3) this yr.
Binance didn’t reply to Cointelegraph’s request for remark as of press time.
In the meantime, NEO value has misplaced 2.81% of its worth over the 24 hours to press time and is at the moment value $15.04, after beginning the day at $16.67.
NEO value 7-day chart. Supply: Coin360
Are futures the speculator’s dream?
Futures contracts typically function notably excessive leverage and permits hypothesis on issues that will in any other case be tough to commerce. One instance of how futures can allow such exercise is the contract launched earlier this month by cryptocurrency derivatives alternate FTX, which permits merchants to guess on President Donal Trump’s reelection in 2020.
Simply a few days later, FTX additionally announced plans to launch 5 extra 2020 presidential election-based futures merchandise together with a Bernie Sanders (BERNIE) futures buying and selling product, in addition to futures on Joe Biden (BIDEN), Elizabeth Warren (WARREN), Pete Buttigieg (PETE) and Mike Bloomberg (BLOOMBERG).