Perpetual contracts for XRP and ETC debuts on Binance Futures

perpetual contracts

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Binance has recently announced in an official statement that it is about to launch new perpetual contracts for XRP, ETC on its Binance Futures platform.

Binance Futures, a small division of the renowned digital assets company announced on Tuesday that it was planning to launch the perpetual contracts soon enough. In the official announcement, the perpetual contracts will enjoy a pairing with dollar-pegged stablecoin USDC

Furthermore, the traders and investors would be allowed to either choose to go long or short as they would be able to enjoy about x75 leverage. In line with the announcement in the early hours of today, Binance said the contracts would be available to traders by the early hours of September 9.

Binance will hope to boost its customers base with new perpetual contracts

At the beginning of January, XRP made a remarkable listing on the Binance Futures platform which automatically made Binance Futures the first to host perpetual contracts that will go side by side with Tethers USDT. 

After a week, the platform decided to give its traders a feel of the Ethereum Classic perpetual contracts which was an instant hit as the digital assets saw a price increase of about 40% in just one day

To further boost the market, Binance also added the options features for XRP and Ethereum Classic in the middle of May. The core difference that the options features possess over the futures contracts is that traders cannot be afforded the opportunity to choose when to carry out their contracts.

Binance announces perpetual contracts listing to celebrate its first anniversary

This announcement is coming after Binance Futures celebrated its first anniversary as the launch of the platform around this time last year saw it gather a lot of investors because of the huge client base of its parent company. 

At the beginning of the year, Binance also entered into options trading in a bid to rip away the dominance of Debrit. With the new perpetual contracts, Binance would be hoping to get a stronghold in the Futures market and expand its reach.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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