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Binance Launches Perpetual Contract for New Crypto Project Led by Former Goldman Sachs Employees

January 22, 2024
in Altcoin
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The biggest crypto alternate on this planet is saying perpetual contract assist for a brand new altcoin mission with connections to the normal finance (TradFi) world.

Ondo Finance (ONDO) is a mission targeted on tokenizing real-world belongings (RWAs), with a give attention to short-term bonds and US Treasuries.

Ondo’s merchandise are at the moment solely accessible on the Ethereum (ETH), Solana (SOL) and Polygon (MATIC) blockchains. The funds put money into completely different TradFi markets together with iShares Quick Treasury Bond ETF, BlackRock’s short-term Treasury bond exchange-traded fund (ETF).

The mission is led by president and COO Justin Schmidt and founder and CEO Nathan Allman, each former workers of Goldman Sachs.

In a brand new announcement, Binance says it’s launching perpetual contracts for Ondo’s native asset ONDO with as much as 50x leverage. The alternate has not launched a spot market instrument for ONDO at time of writing.

Ondo Finance says it’s positioning itself to seize the worth that’s created when TradFi and decentralized finance (DeFi) merge.

“At Ondo, we maintain a couple of core beliefs. The primary is that over the subsequent decade, the normal and decentralized finance worlds will merge, with public blockchain know-how underpinning all of it. As that occurs, important worth might be created.

To be well-positioned to seize that worth, we should create institutional-grade services and products and a model that’s trusted. To us, ‘institutional-grade’ means (a) constructed and operated with safety and transparency as bedrock rules; (b) legally and regulatorily compliant; (c) thoughtfully structured, each when it comes to cost-effectiveness and investor protections; and (d) world-class buyer/consumer expertise.”

At time of writing, ONDO is buying and selling at $0.256 with a market cap of over $371 million.

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Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/YanaBu



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Tags: BinanceContractcryptoEmployeesGoldmanlaunchesLedPerpetualProjectSachs
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