Binance Issues Digital Asset Pegged to Ontology Tokens

Binance Issues Digital Asset Pegged to Ontology Tokens

Binance, a Malta-based crypto exchange, has issued ONT-33D; a digital asset pegged to Ontology (ONT) tokens, Cointelegraph website reported.

The new token is built on the exchange’s blockchain and governed by parameters named ‘BEP2’.

Each token has an ONT coin backing, Binance spokesperson said. He added that this would keep the token price as that of the ONT tokens traded on the open crypto market.

ONT tokens move on Ontology’s key network, which makes them incompatible with DEX; Binance’s decentralized exchange as both operate on separate blockchains.

“It will allow ONT holders to have decentralized exchange service,” the spokesperson said.

ONT-33D is not the only of its kind

In June 2017, Binance released Bitcoin BEP2 (BTCB) under such parameters, with each token supported by Bitcoin (BTC).

“Many more DEX services will launch in the future,” the spokesperson said.

“For example, Ontology will add a node staking feature soon, expecting to integrate it with the Binance DEX and enabling ONT holders to have full control over their assets while participating in ecosystem governance.”

Binance launches BTC options

Binance has officially rolled out Bitcoin options on its Binance Futures platform.

In a press release, the company said the function is currently available on the exchange’s mobile app. 

Changpeng Zhao, CEO at Binance, said:

“Options contract is a much-anticipated product, allowing the traders and miners to effectively buy insurance on their positions and for speculators to take advantage of the market movements as well. There are more features and products in the pipeline.”

Options provide traders the chance to purchase a right to buy (a call option) or sell (a put option) on at a certain “strike price.”

The platform also offers the American version of the derivative, through which traders may execute their rights at any time before or at the expiry date.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.