Binance, a cryptocurrency trading exchange platform, is all set to welcome new digital tokens in its network with a view to enhancing its operational capacities. The exchange has announced that it will list FTX leveraged tokens BULL, BEAR, ETHBULL, and ETHBEAR to its esteemed ecosystem. The addition of the new tokens will open gateways to 8 new trading pairs including BULL/USDT, BULL/BUSD, BEAR/USDT, BEAR/BUSD, ETHBULL/USDT, ETHBULL/BUSD, ETHBEAR/USDT, and ETHBULL/BUSD.
According to the official announcement made by Binance, the listing process shall begin at 12:00 PM (UTC) on January 17, 2020. The customers can now indulge in the deposition of the new leveraged tokens for trading purposes. The listing fee for the leveraged tokens is fixed at 0 BNB.
BULL, BEAR, ETHBEAR, and ETHBULL are ERC20 and BEP2 tokens issued by FTX. These tokens can be purchased from a spot market similar to other tokens. One doesn’t need to bother about managing collateral, liquidation prices, margin, or other requirements while dealing with leveraged assets. The leverage exposure of the above-mentioned tokens is as follows:
- 3X Long Bitcoin Token (BULL)
- 3X Short Bitcoin Token (BEAR)
- 3X Long Ethereum Token (ETHBULL)
- 3X Short Ethereum Token (ETHBEAR)
The FTX tokens have leveraged exposure to digital currencies. The leverage exposure shows the percentage rise or fall of the token value in comparison to the leveraged currency. For instance, in the case of ETHBEAR, a 1% or fall in the value of ETH implies a simultaneous 1% surge or drop in the value of THHBEAR.