Futures Announcement for an Altcoin from Binance: Price Listing Announcement Causes a Spike! - Coin Bulletin

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The world's largest cryptocurrency exchange Binance announced that it has added a new altcoin to its futures trading platform.

According to the announcement made by Binance on Friday, May 16, the exchange will open margin perpetual futures contracts for Civic (CVC) with a maximum leverage of 75x against Tether (USDT).

The CVCUSDT contract will be opened for trading at 11:30 AM Turkish Time on (TSI). Civic is being promoted as a digital identity ecosystem that provides identity verification processes securely, cost-effectively, and in a decentralized manner through blockchain.

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Binance stated that the funding rates would initially be between -2.00% and +2.00% and would be updated every 4 hours. However, it emphasized that changes could be made to the funding rates, maximum leverage ratios, and trading limits based on market conditions.

Binance also announced that it supports the Multi-Assets Mode feature for the mentioned futures contracts. Users will be able to trade with different collateral assets like Bitcoin in these contracts thanks to this feature.

Binance stated that the conversion of the CVCUSDT contract to a standard perpetual futures contract will occur with the listing of the relevant asset on the spot market and that there will be no separate announcement for this conversion. It was also emphasized that during the pre-market trading period, the instant price will be updated every second based on the average of the last 10 seconds of trading prices.

According to CoinGecko data, CVC experienced a jump of 12.35% with the news, rising to 0.1456 dollars. At the time the news was written, CVC was finding buyers at 0.1358 dollars.