Binance, one of the world’s largest cryptocurrency exchanges, has announced the listing of the perpetual contract for the alternative Rocket Pool.
On September 9, 2024, Binance announced a new addition to its futures contracts, offering a RPLUSDT perpetual contract with up to 75x leverage and operating around the clock. This reflects the expansion of trading options on the platform.
This listing came at a time when Rocket Pool has been inactive on social media since December 19, 2023. However, the announcement led to a rapid 30% rise in the price of RPL, and although it later stabilized, the symbol maintained gains of nearly 26% since the announcement.
The new perpetual contract is trading against USDT (Tether) and features a volatility volume of 0.01. It also includes a fixed financing rate of +2.00% / -2.00%, with settlement of financing fees every four hours.
Binance explained: “Depending on market conditions, Binance may amend the specifications of the said futures contract from time to time, which include financing fees, volatility, maximum leverage, initial margin or maintenance margin requirements.”
Binance expands its geographic business
Moreover, Binance Futures’ multi-asset placement offers additional flexibility, allowing traders to use multiple cryptocurrencies, including Bitcoin (BTC), as collateral. This feature helps traders manage risk more effectively by diversifying collateral options.
At the same time, Binance, the world’s largest cryptocurrency exchange, is taking steps towards expanding its geographic reach. Tokocrypto, a subsidiary of Binance in Indonesia, has been fully licensed by the country’s Commodity Futures Trading Regulatory Agency (Bappebti) as a physical digital asset trader (PFAK). This organizational achievement is part of Binance’s strategy to strengthen its presence in Southeast Asia.
Richard Teng, CEO of Binance, praised Tokocrypto’s achievement, stressing Binance’s support for its mission to strengthen Indonesia’s Web 3 ecosystem. This support is particularly important in light of Indonesia’s recent tightening of its regulatory stance.
In late 2023, the country mandated all cryptocurrency exchanges to register on the world’s first national digital asset exchange. This exchange, regulated by Bappebti, operates like traditional stock exchanges but focuses on digital assets.
Read also:EUR moves in negative territory due to interest rate gap
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