RATE Group | Binance Set to Launch NEO/USDT Futures With Up to 50x Leverage
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Binance Set to Launch NEO/USDT Futures With Up to 50x Leverage

16 Feb Binance Set to Launch NEO/USDT Futures With Up to 50x Leverage

Posted at 17:23h in Cryptocurrency News by

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Major cryptocurrency exchange Binance announced that it is about to launch a new futures product tracking crypto asset NEO.

Per the announcement published on Feb. 16, the NEO/USDT futures will be launched on Feb. 17 and traders will be able to select leverage between 1x and 50x. The fees that the exchange imposes on trades of the contract in question are a 2% base initial margin rate, 1% base maintenance margin rate and a 0.5% liquidation fee.

What is NEO?

The Binance information page dedicated to NEO explains that it is an open source platform driven by its community that uses blockchain, smart contracts and digital identities to digitize and automate asset management. The page also mentions that the blockchain first launched in 2016 and is expected to upgrade to the third version of its software (Neo3) this year.

A Binance spokesperson told Cointelegraph that the firm decided to create a NEO-based futures contract after reviewing liquidity on its spot market. Furthermore, the…

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