Analysis

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

The most important crypto alternate on the earth is saying perpetual contract assist for a brand new altcoin mission with connections to the standard finance (TradFi) world.

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

Ondo’s merchandise are at present solely accessible on the Ethereum (ETH), Solana (SOL) and Polygon (MATIC) blockchains. The funds spend money on 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 just a few core beliefs. The primary is that over the following decade, the standard and decentralized finance worlds will merge, with public blockchain expertise underpinning all of it. As that occurs, important worth shall be created.

To be well-positioned to seize that worth, we should create institutional-grade services and a model that’s trusted. To us, ‘institutional-grade’ means (a) constructed and operated with safety and transparency as bedrock ideas; (b) legally and regulatorily compliant; (c) thoughtfully structured, each by way of 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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