Binance Futures Is Launching Perpetual Contract for Ontology (ONT)

On Monday (February 10), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for Ontology (ONT).

Here is how Binance Info describes Ontology:

"Ontology is a public blockchain project with distributed data collaboration aiming to build a peer to peer cross system trust network. Ontology trust network provides a strategic cooperation of data systems and trust sources.

"This network is composed of decentralized identity verification systems, multi factor authentication, distributed ledger technology and distributed data exchange All business types can be applied to Ontology blockchain technology without the need of users having prior knowledge on distributed networks.

"Led by a global blockchain expert team, Ontology provides distributed infrastructure to various businesses and decentralized applications. Ontology aims to bind decentralized digital world to the real world using 'Ontology Common' or 'Ontology Custom' designs. These designs enable secure end effective decentralized systems.

"Ontology’s ecosystem can be divided into three categories: The Technological Ecosystem, The Application Ecosystem and The Governance Ecosystem. Ontology system architecture has a flexible design allowing for expansions and support for ever growing applications. The businesses Ontology aims to support include distributed ledgers, smart contracts, distributed authentication protocols, distributed data exchange protocols, and more.

"The layers of Ontology network can be divided into three: core layer, application layer and user layer. Core layer is composed of protocols and chain groups, application layer is composed of partners, application frameworks and modules, and the user layer is composed of Ontology ecosystem application users. Partners hold great importance building the Ontology ecosystem."

Binance Futures' new product is being launched at 08:00 (UTC) on 11 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 worth keeping in mind that, as with the ATOM/USDT perpetual contract, which was announced last Thursday, "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."

Binance Futures users will be able to choose between 1x and 50x leverage.

Here are some of the main specifications for the contract:

  • Base Asset: ONT
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 ONT
  • Base Initial Margin Rate: 2.00%
  • Base Maintenance Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 17 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, and BNB/USDT.

Featured Image Courtesy of Binance

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.