Binance Introduces Perpetual Contract for Altcoin Project with TradFi Connections
Binance, the largest crypto exchange globally, has announced support for perpetual contracts for a new altcoin project that has ties to traditional finance (TradFi). The project, called Ondo Finance (ONDO), focuses on tokenizing real-world assets (RWAs), particularly short-term bonds and US Treasuries. Currently, Ondo’s products are available on the Ethereum (ETH), Solana (SOL), and Polygon (MATIC) blockchains. The project’s investments include iShares Short Treasury Bond ETF and BlackRock’s short-term Treasury bond exchange-traded fund (ETF). Ondo Finance is led by Justin Schmidt, the president and COO, and Nathan Allman, the founder and CEO, who are both former employees of Goldman Sachs.
Binance Launches Perpetual Contracts for ONDO
In its announcement, Binance reveals that it will be introducing perpetual contracts for ONDO’s native asset with leverage of up to 50x. However, there is no spot market instrument available for ONDO on the exchange at the moment. Ondo Finance aims to capture the value generated from the merging of TradFi and decentralized finance (DeFi). The project believes that public blockchain technology will underpin this convergence, leading to significant value creation. To position itself advantageously in this scenario, Ondo Finance aims to offer institutional-grade products and services built on security, transparency, compliance, cost-effectiveness, investor protection, and user experience.
Current Status of ONDO
As of now, ONDO is trading at $0.256 with a market cap exceeding $371 million.
Hot Take: Binance Embracing TradFi-DeFi Convergence with Perpetual Contracts for ONDO
Binance’s decision to launch perpetual contracts for Ondo Finance’s altcoin project demonstrates the exchange’s recognition of the growing intersection between traditional finance and decentralized finance. By providing support for ONDO, Binance aims to tap into the potential value that arises from this merging of worlds. The move also highlights the increasing involvement of former traditional finance professionals in the crypto space, as exemplified by Ondo Finance’s leadership team comprising former Goldman Sachs employees. As the market evolves and institutional-grade products gain prominence, Binance is positioning itself to cater to the needs of both traditional and crypto investors.
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