Binance To Launch New Futures Product Tracking Crypto Asset NEO

Major cryptocurrency exchange Binance to launch a new futures product tracking crypto asset NEO.

On Feb. 16 an announcement published by the exchange stated that the NEO/USDT futures will be launched on Feb. 17 and traders will be able to select leverage between 1x and 50x.


#Binance Futures Will Launch @NEO_Blockchain $NEO/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/ilBvPbVNkV pic.twitter.com/h0lCYyfWUc — Binance (@binance) February 16, 2020

The fees that the exchange imposes on trades of the contract in question are:

  1. 2% base initial margin rate

  2. 1% base maintenance margin rate

  3. 0.5% liquidation fee

The Binance information page dedicated to NEO explains that it is an open-source platform driven by its community that uses blockchain, smart contracts, and digital identities to digitize and automate asset management. The page also mentions that the blockchain first launched in 2016 and is expected to upgrade to the third version of its software (Neo3) this year.

A Binance spokesperson says that the firm decided to create a NEO-based futures contract after reviewing liquidity on its spot market.

The spokesperson further added:

“We are looking to add 20 or 30 trading pairs on Binance Futures, and will consider the most liquid 20 to 30 pairs first.”

Meanwhile, NEO price has lost 2.81% of its value over the 24 hours to press time and is currently worth $15.04, after starting the day at $16.67.

Source: Cointelegraph.com

#BinanceFutures #Neo3 #Binance #futuresproduct #NEO #cryptoexchanges

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