Crypto exchange Binance allows users to borrow USDT to fund futures trades
Thu, 06 Feb 2020, 05:14 am UTC
Cryptocurrency exchange Binance has announced that it has added Binance USD (BUSD) cross collateral function to its Futures wallet interface.
With this, Binance users can trade futures contracts using the assets in their wallet as collateral instead of funding their orders with coins. They can borrow tether (USDT) on their BUSD holdings, eliminating the need to transfer BUSD to their futures wallet.
"The minimum allowable loan amount is 1 USDT and the maximum allowable loan amount is 50,000 USDT," Binance said.
Aaron Gong, Director of Binance Futures, said that users can expect the new feature to support more tokens in the near future. At present, the Futures platform allows users to trade 13 pairs with high leverage and hedge to mitigate the risks.
“Cross Collateral is a much-anticipated feature for traders on Binance, allowing more flexibility and more choices of deposits to open futures positions,” said Gong, CoinDesk reported.
Meanwhile, Binance just announced that it hired John Goodboy as the new Director of European and Latin American Growth and Institutional Business. Goodboy joined the company after serving the same position at crypto exchange Huobi.
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