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Monero and Neo have become the newest additions to Binance’s famed crypto margin trading platform.
Binance, the renowned Malta-based exchange, is making all the happening news in the crypto realm these days. The month began on a wrong note when a large cache of KYC data on the exchange was inadvertently leaked through a Telegram group.
Despite the bad press, Binance has been transparent throughout the ordeal and has positively assured its users about their security. Its community has been regularly updated about the various related developments.
The remaining August has been quite fruitful with a series of positive news in Binance ecosystem. First came a brand new lending platform that catapulted the firm into new territory promising new opportunities. Second big news was the launch of Venus, a crypto on the lines of Facebook’s Libra. This too, was taken in a positive light by the exchange’s users.
Monero, Neo bring new flavors to Binance margin trading
The biggest news for Binance members came when eagerly anticipated margin trading platform was launched on the Binance network. Even though the platform initially had only six cryptocurrencies for margin trading feature, it was well-received by the users. Now, there are close to 17 cryptocurrencies on the platform.
Today, the exchange has tweeted about the newest additions to its margin trading platform. Two brand new currencies are now available for margin trading feature namely NEO and XMR. The response to this news from over 1 million Twitter followers has been quite overwhelming. The exchange also confirmed this development via a blog post on their official website.
The new currencies can be traded in pairs including XMR/USDT, NEO/USDT, NEO/BTC and XMR/BTC. This will surely boost the trading volume since the pairs are initially offered in pairs of Bitcoin and U.S. dollar. Furthermore, the exchange also plans to launch a futures trading platform for cryptocurrencies.
However, despite the positive additions to the platform, Binance Coin has shed 11.49% of its value in the past 24 hours alone. It is worth mentioning here that Binance Coin is the seventh biggest cryptocurrency on the planet with a total market cap of $3.50 billion.
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Gurpreet Thind
Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.
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