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A low-cap altcoin is up after the world’s top crypto exchange platform by volume announced the listing of perpetual futures for it.
In a new announcement, Binance says it will launch support for Bitcoin (BTC) decentralized finance (DeFi)-focused platform Lorenzo Protocol (BANK) to Binance Futures.
Binance’s announcement came on the same day as BANK’s official launch on the BNB Chain.
News of the addition sent BANK flying as the digital asset went from a low of $0.03 on April 18th – its launch day – to a peak of $0.057 just a few hours later. The token has since retraced and is trading for $0.044 at time of writing, a 13% decline during the last 24 hours. BANK is a low-cap altcoin with a market cap of $18.85 million.
According to Binance, BANK/Tether (USDT) perpetual contracts with up to 50x leverage are available as of April 18th.
On its official website, Lorenzo Protocol says it allows users to stake Bitcoin to obtain staked liquid tokens, which can then be used on DeFi platforms.
“Lorenzo is the Bitcoin Liquidity Finance Layer. With the global adoption of Bitcoin growing, there is a significantly higher demand for Bitcoin liquidity, by ways of Layer-2s, DeFi, trading, etc., and platforms are promising yield in exchange for Bitcoin liquidity…
Lorenzo creates an efficient market in which Bitcoin holders can easily find the best opportunities to invest their unused Bitcoin liquidity and serves as the premier DeFi ecosystem in which to finance Bitcoin staking tokens.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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