Binance to Launch NEO/USDT Perpetual Contact with Up to 50x Leverage

Crypto exchange giant, Binance, announced on Feb. 16 that it is going to launch a new futures product for NEO. 

Per the announcement, the NEO/USDT futures will be launched on Feb. 17 and traders will be able to select up to a 50x leverage. A 2% base initial margin rate will be charged on trades of the contract. The contract traders would also be required to pay a 1% base maintenance margin rate and a 0.5% liquidation fee. 

According to a Binance spokesperson, the company made its decision to create a NEO-based futures contract after reviewing liquidity on its spot market. He added that, the exchange is looking forward to add 20 or more trading pairs on Binance Futures. However, he said they would consider the most liquid 20 to 30 pairs first.

NEO is an open source platform that uses blockchain, smart contracts and digital identities to digitize and automate asset management. The NEO blockchain which was first launched in 2016, is expected to make its 3rd version software upgrade (Neo3) this year.

Meanwhile, at press time, NEO is down by 4.5% within the past 24 hours and it’s trading at $14.23. 

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