The giant cryptocurrency exchange Binance‘s futures arm, Binance Futures, announced it will launch futures trading with up to 50x leverage for the blockchain application platform Lisk (LSK), aiming to create an accessible future where everyone can benefit from decentralized technologies. This announcement by Binance boosted the price of the altcoin by 40% within minutes.
Binance Futures’ Move on Lisk
Binance Futures, the futures arm of the world’s largest cryptocurrency exchange by volume, Binance, has announced that it will launch futures trading for Lisk today at 17:15 Turkish Standard Time (TSI) with up to 50x leverage.
The maximum funding fee rate for the LSKUSDT perpetual futures contract during the launch will be the standard rate of +/- 2%. The frequency of funding fee payments will also be updated every four hours, as is standard.
Binance’s Futures Trading Announcement Officially Skyrockets LSK’s Price
Following the announcement that Binance would start futures trading, the price of LSK rapidly increased. After the cryptocurrency exchange’s announcement, the price of the altcoin rose by over 40% within minutes, from around $1.25 to as high as $1.42. According to current data, LSK has slightly pulled back, trading at $1.38.
On the other hand, Binance’s announcement of futures trading increased LSK’s trading volume by an incredible 4,675%, reaching up to $318.92 million.
Just before LSK, Binance Futures had launched futures trading for Ondo (ONDO) on January 20th.