The non-custodian Binance DEX exchange added token support for margin trading this Wednesday. They were released by the FTX platform and were previously listed on the Binance.com main exchange.
In total, eight new pairs with tokens for margin trading in Bitcoin, Ethereum, EOS and XRP were added to Binance DEX today. Each of the cryptocurrencies was assigned a pair of “bearish” and “bullish” tokens in pairs, allowing you to open short and long positions with leverage x3. For example, when the bitcoin price rises by 1%, the BULL token will grow by 3%. With a decrease in the rate by 2%, BULL will fall by 6%.
All tokens are presented in the native format of the Binance Chain BEP2 blockchain and are initially available for trading in pairs with Binance Coin (BNB). Subsequently, trading pairs based on their own stablecoin Binance BUSD will be added.
“We support, invest and work closely with new exchanges that bring innovation,” Changpen Zhao, CEO of Binance, commented.
In December, Binance invested an unnamed amount in FTX. The platform was launched in 2019 by liquidity provider Alameda Research.