Binance, which presently serves as one of the world’s most trusted cryptocurrency exchanges, has announced that the listing of FTX leveraged tokens EOSBULL, EOSBEAR, XRPBULL, and XRPBEAR on the network. As per the report, the exchange will now allow its customers to enjoy access to eight new trading pairs namely- EOSBULL/USDT, EOSBULL/BUSD, EOSBEAR/USDT, EOSBEAR/BUSD, XRPBULL/USDT, XRPBULL/BUSD, XRPBEAR/USDT and XRPBULL/BUSD.
The highly acclaimed cryptocurrency exchange announced the news through an official Twitter post on its handle.
— Binance (@binance) February 12, 2020
The official post stated that the global customers of Binance exchange would be allowed to use the new trading pairs against the FTX leveraged tokens from February 12, 2020, at 8:00 AM (UTC).
FTX Leveraged tokens are ERC20 and BEP2 tokens that have leveraged exposure to their attached cryptocurrencies. The leverage exposure of the tokens is as follows:
- 3X Long EOS Token (EOSBULL)
- 3X Short EOS Token (EOSBEAR)
- 3X Long XRP Token (XRPBULL)
- 3X Short XRP Token (XRPBEAR)
The leverage exposure signifies that for every 1% surge in the rate of EOS, FTX leveraged token, EOSBULL will enjoy a price increase by 3% and a similar ratio will follow in case of downfall in prices. These tokens can be purchased from a spot market similarly like traditional tokens. The owners of these tokens need not have to manage collateral, margin, liquidation prices, etc.
Binance and its sister concern Binance Futures are in continuous efforts to expand their operations and network capacities by listing more and more tokens and coins into their network. Recently, Binance Futures launched IOTA/USDT perpetual contracts offering 50x leverage. Also, Binance announced the addition of LTO Network token on the network along with an airdrop rewards scheme for the token owners.