Binance launches FTX tokens for trading by leveraging Bitcoin and Ethereum
Binance will list a new set of FTX leveraged tokens that will allow users to open 3x long or short positions for Bitcoin and Ethereum. This comes less than a month after the Malta-based exchange made a strategic partnership with the exchange of derivatives, FTX.
Binance, the leading cryptocurrency exchange by volume, announced today your newest addition for leveraged tokens. According to the post, the company will list four FTX tokens: BULL, BEAR, ETHBULL, and ETHBEAR.
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Binance names new types of tokens for leverage
The first two represent Bitcoin. As the names suggest, BULL will equal a long BTC position, while BEAR will open a short position. The other two will do the same but with the second largest cryptocurrency. ETHBULL opens a leveraged long position for Ethereum, and if traders want to short it, they need to use ETHBEAR.
Each of them will be available to trade with two stablecoins: Binance USD (BUSD) or Tether (USDT).
The four FTX tokens mentioned are based on ERC20 and BEP2 but have a different purpose than the regular ones. They give a 3x leverage exposure to the cryptocurrency. The above example shows that if a trader opens a long position with ETHBULL, for every 1% ETH goes up, his position goes up 3%. Alternatively, for every 1% Ethereum falls, the ETHBULL position drops 3%.
Additionally, users can purchase the leveraged tokens, “just like regular tokens on a spot market.” However, Binance reports that they will not need to manage collateral, margin, or liquidation prices.
Binance's plans
It is worth noting that at the end of December 2019, Binance conducted a strategic investment in the exchange of derivatives of cryptocurrencies FTX. The latter was supposed to help with more liquidity and institutional product offerings, and the results are already visible. The company recently start negotiations with TaoTao and Z Corporation, which is a subsidiary of Yahoo Japan.
The idea among the possible collaboration is to launch commercial services for users in Japan. Binance should deliver the required technology, while TaoTao and Z Corp "will collaborate with the Financial Services Agency to ensure full regulatory compliance in the Japanese market«. Changpeng Zhao (CZ) commented on the matter and said that Binance “I couldn’t ask for a better partner than TaoTao in Japan”.
