On Wednesday (February 19), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for QTUM (currently the 34th most valuable cryptoasset by reported market cap).

Here is how Binance Info describes QTUM:

“Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation.

“Qtum is a hybrid blockchain application platform.

“Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases.

“We believe this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation while offering a robust environment for developers.

“The underlying technology uses an ‘Account Abstract Layer’, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.”

Binance Futures’ new product is being launched at 08:00 (UTC) on 20 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 NEO/USDT perpetual contract, which was announced last Sunday (February 16), “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: QTUM
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 QTUM
  • Tick Size: 0.001
  • Minimum Contract Qunatity: 0.1
  • Maximum Contract Quantity: 1 million
  • Base Initial Margin Rate: 2.00%
  • Base Maintennce Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 22 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, VET/USDT, and NEO/USDT.

Featured Image Courtesy of Binance