Malta-based cryptocurrency exchange, Binance has been taking a keen interest in altcoins. The exchange recently announced that it is all set to roll out LINKUSD quarterly 0925 Futures Contract.
Chainlink [LINK] Adds New Feathers To Its Cap
Altcoins are having a ball since the beginning of July. While Bitcoin prolonged its struggle to breach 10K, lesser-known altcoins were seen beating the prominent ones. Altcoins like Litecoin [LTC] as well as Binance Coin [BNB] were pushed down the ladder as Chainlink [LINK] and Cardano [ADA] beat the former in terms of market cap and price change.
Chainlink [LINK] was touted as one of the best-performing assets of the recent altcoin rally. While other coins did exhibit significant changes in their price, LINK hit an all-time high of $8.74 on 15 July 2020. Looking at the price movement of this altcoin, several exchanges opened doors and extended their support for LINK. Malta-based cryptocurrency exchange, Binance took a step ahead and announced the launch of the LINKUSD quarterly 0925 Futures Contract.
The exchange shared the news with the community on Twitter. The tweet read,
— Binance (@binance) July 21, 2020
The exchange’s blog post further elaborated on the details pertaining to the announcement. Binance’s quarterly futures contract allows users to purchase or sell a crypto asset at a price that has already been set for a certain time period in the near future. The difference between quarterly futures contracts and other futures contracts like perpetual futures contracts is that the former will expire after a given point of time.
LINKUSD Quarterly 0925 futures contract is said to commence trading post 7:00 AM [UTC] from 22 July 2020. A leverage range of 1-75x would be available for users to choose from. Apart from LINKUSD, a quarterly 0925 futures contract of BTCUSD as well as ADAUSD can be found in the exchange.
The delivery date of LINKUSD quarterly 0925 futures contract is 25 September 2020.
Additionally, during the time of writing, LINK was trading at $7.42 with a 7.7 percent drop in its price over the last 24-hours. Despite its price slump, the altcoin has witnessed a 38.3 percent increase in the last 14 days.
As the price of this altcoin caught the eye of many in the industry, the market cap of LINK witnessed a notable surge. The coin currently stands as the eighth largest cryptocurrency with a market cap of $2.84 billion.