Binance Futures launches ETC/USDT perpetual contracts as another fiat on-boarded
The world’s leading crypto-exchange, Binance, has been making a series of announcements since the beginning of the new year. After adding support for numerous fiat currencies from around the world, Binance has now announced the addition of Turkish Lira [TRY] for users to bind their Visa cards in order to purchase Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB], and XRP.
A blog published by Binance hinted at support for Mastercard and other currencies soon, on the platform.
“Support for Mastercard and additional currencies will be added in the near future.”
The exchange had previously announced support for purchasing crypto by binding Visa cards in December 2019 and it has since, added the Euro [EUR] and the Great British Pound [GBP]. Among the 31 countries covered, the United Kingdom, Germany, France, Spain, and Iceland are the few who made it to the list. As per the CEO of Binance, Changpeng Zhao [CZ], 2020 will see Binance support all 180 fiat currencies.
Apart from the addition of new fiat currencies, Binance has also announced the launch of ETC/USDT perpetual contracts which will offer leverage up to 75x. The blog added,
“Binance Futures will launch ETC/USDT perpetual contract and open trading at 2020/01/16 08:00 AM (UTC). Users will be able to select between 1-75x leverage.”
In order to prevent market manipulation, the exchange will implement a pricing limit of ±1% on the market price within the first 15 minutes after trading starts. Recently, Binance had also launched XRP/USDT Futures Contracts with up to 75x. leverage, following which the removal of ALGO/USDC, FTM/USDC, ONT/ USDC, XLM/ USDC, and USD/ USDC trading pairs was announced. The exchange had stated,
“To improve liquidity and user trading experience among our wide range of available assets, Binance will remove and cease trading on the [above] USDC trading pairs at 2020/01/07 8:00 AM (UTC) […] Please note that users can still trade the above assets in other trading pairs that are available on Binance.”
The exchange has been making headlines for launching high leverage contracts for its Futures platform for a while now, with Ethereum being one of the first contracts to be launched.