Binance Futures, the digital assets futures trading platform of Binance, the world’s leading crypto exchange, recently confirmed the introduction of ADA/USDT perpetual contracts. Traders can now trade Cardano (ADA), a digital currency with a market cap of over $1.5 billion, with as much as 75x leverage, according to a company announcement.
Binance began supporting the new trading option on January 31, 08:00 AM (UTC).
Binance Futures, the margin trading branch division, said that the perpertual contract will be paired against Tether (USDT), the world’s largest stablecoin with a market cap of more than $4.6 billion.
Binance’s management noted that a pricing limit of about 1% has been set on the ADA/USDT contract price “within the first 15 minutes” of when trading begins, in order to prevent market manipulation.
This is notably the first time that a major digital asset exchange has offered a perpetual contract for Cardano’s ADA token. Crypto industry participants had mixed reactions to the introducting of the new trading option.
Supporters of the new listing pointed out that many of the crypto tokens whose perpetual contracts are traded on the Binance Futures exchange have benefited from a substantial increase in price following the listing. For instance, XRP’s price surged around 10% after the XRP/USDT perpetual contract was available on Binance last month.
Malta-based Binance announced in early January 2020 that it would be supporting euro (EUR) trading against six major digital assets, as part of the global platform’s latest fiat-focused expansion.
The exchange enabled trading for EUR pairs at 8am on January 3, 2020. Platform users can trade EUR against Bitcoin (BTC), Ether (ETH), XRP and Binance Coin (BNB).