Binance Futures Launching Perpetual Contract for NEO

Binance Trading Platform To Launch NEO Futures

Binance, a global cryptocurrency exchange, announced on Sunday that its future trading platform, Binance Futures, launched a perpetual NEO contract (currently the 19th most valuable cryptoasset by reported market cap).

Binance Describes NEO

According to Binance Info webpage, Neo is a community-led open-source platform. Through smart contracts, it uses blockchain technology and digital identities to digitize and simplify asset management. Using a distributed network it aims to create a smart economy by building next generation internet infrastructures and creating a solid foundation for mass blockchain adoption.

It is worth mentioning that, Binance Futures’ new product is being launched at 08:00 (UTC) on 17 February 2020.

According to Binance’s announcement, “to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts.”

Also, it is worthy of note that, as with the VET/USDT perpetual contract, which was announced last Thursday (February 13), “perpetual contracts on Binance Futures are similar to the trading pairs on the spot market,” and they are “priced and settled in the same manner.”

Furthermore, users of Binance Futures, which went live in September 2019, will be able to choose between 1x and 50x leverage.

The other 21 perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, XLM/USDT, ADA/USDT, XMR/USDT, DASH/USDT, ZEC/USDT, XTZ/USDT, ATOM/USDT, BNB/USDT, ONT/USDT, IOTA/USDT, BAT/USDT, and VET/USDT.

Cryptolydian reported earlier that, Binance has described its future vision and mission as an open platform through its official blog page, through which other companies can use it to expand.

Binance Info went on to describe NEO:

“The Neo MainNet has been in stable operation for more than 3 years. Neo is expecting to launch Neo3 in 2020, a robust implementation with high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set to empower developer adoption and to accelerate enterprise-grade blockchain innovations.”

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.