Market
This Altcoin Surged 30% After Binance Listing Announcement
Binance, a leading global crypto exchange, has announced listing of the Rocket Pool (RPL) altcoin’s perpetual contract.
Announced on September 9, 2024, this new addition to Binance Futures offers the RPLUSDT Perpetual Contract with up to 75x leverage and operates 24/7. This indicates an expansion of trading options on the platform.
Surprisingly, the listing coincided with a prolonged period of inactivity from Rocket Pool, which had not updated its social media since December 19, 2023. Nevertheless, the announcement triggered a swift 30% surge in RPL’s price. Although it later stabilized, the token maintained a gain of about 26% since the listing announcement.
Read more: Staking Ether With Rocket Pool: Everything You Need To Know
The newly launched perpetual contract is traded against USDT (Tether) and features a tick size of 0.01. It also includes a capped funding rate of +2.00% / -2.00%, with the funding fee settled every four hours. This setup provides enhanced flexibility for traders.
“Based on market risk conditions, Binance may adjust the specifications of the aforementioned Futures contract from time to time, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements,” Binance noted.
Moreover, the Multi-Assets Mode on Binance Futures introduces an additional layer of flexibility. It allows traders to use various cryptocurrencies, including BTC, as margin. This feature helps traders manage risks more effectively by diversifying their collateral options.
Concurrently, Binance is pushing forward with its geographic expansion. Tokocrypto, a Binance subsidiary in Indonesia, has obtained a full license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti) as a Physical Crypto Asset Trader (PFAK). This regulatory milestone is part of Binance’s strategy to strengthen its foothold in Southeast Asia.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Richard Teng, CEO of Binance, has lauded Tokocrypto’s achievement, emphasizing Binance’s support for its mission to fortify Indonesia’s Web3 ecosystem. This support is particularly significant as Indonesia has recently heightened its regulatory stance.
In late 2023, the country mandated that all crypto exchanges register with the world’s first national bourse for crypto assets. This bourse, regulated by Bappebti, functions like a traditional stock exchange but focuses on digital assets
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