Binance Introduces DASH/USDT Perpetual Contract With Up To 50x Leverage
Binance has announced that it is set to launch DASH/USDT perpetual contract with up to 50x leverage on its Binance Futures trading platform. Starting February 4, traders will be able to trade DASH with USDT while hedging positions and managing risks using leverage. The move is likely to further DASH’s status as a significant player in the cryptocurrency market.
#Binance Futures Will Launch @Dashpay $DASH/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/eqbQqN2JPZ pic.twitter.com/8kkNTzwLaO
— Binance (@binance) February 3, 2020
The announcement added that Binance will be implementing a ±1% pricing limit on the mark price within 15 minutes after trading begins to avoid market manipulation.
The move follows the launch of multiple other crypto exchange contracts, including XMR, ADA, TCT, and XLM. Notably, while these cryptos were introduced at a leverage of up to 75x, Binance has chosen to launch DASH at a leverage of up to 50x.
Binance Futures Sees Continued Growth
Binance first debuted its trading platform in September 2019 for BTC contracts with up to 125x leverage. In December, it introduced ETH/USDT contracts with a leverage of up to 50x. These were later increased to allow traders to trade ETH with up to 75x leverage.
Binance Futures attracts billions of dollars in trading volume. Its growth has positioned it as ‘a price-discovery leader and the preferred platform for risk hedging.’
The trading platform offers a low taker fee structure, which has made it the leading global crypto exchange in terms of volume and users.
Director of Binance Futures, Aaron Gong, stated:
“The [Binance Futures] platform is moving fast, from product updates, traders, market shares to industry impact… We are excited to keep up the positive momentum and will continue to address various needs of our users by launching additional digital assets and bringing more functionalities.”
DASH Gains Momentum
The Altcoin Dash is a next-generation cryptocurrency, derived from the Bitcoin protocol with a hard cap of 18 million coins. Immensely popular amongst both investors and traders, Dash has exceeded expectations in terms of its performance in January 2020.
The altcoin has surged in the past month by 178 percent (from $41.87 to $116.43) – the biggest winner amongst the top 20 coins.
If DASH continues its current momentum and engages in more future partnerships, it is likely to grow further.