Binance Futures has triggered a double-digit price surge on an altcoin that it has opened for trading with up to 20x leverage.
Binance Futures announcement of the day sparked the rally
Binance Futures, which offers its investors trading options on quarterly and perpetual futures contracts, announced in a new announcement that it will launch leveraged transactions for Furucombo (COMBO) with up to 20x leverage. According to the official announcement, COMBO opens to leveraged trading in the Tether (USDT) pair.
Users will be able to use the new COMBOUSDT contract from June 2 at 15.00.
Binance gave the following details and explanations about the official contract in the official announcement:
The new contract is scheduled to be available for trading from 2023-06-02 15:00, offering investors more flexibility and potential profit opportunities. The USDⓈ-M COMBO perpetual contract is designed to track the performance of a basket of specific cryptocurrencies and allows investors to gain exposure to multiple digital assets through a single contract.
Furucombo (COMBO) price rose up to 20%
With $2 million in volume, COMBO has gained as much as 20% at one point after the Binance Futures announcement. But the rally was short-lived, as COMBO price soon returned to its exit levels. At the time of writing, it is trading in the $0.06327 region, where it holds intraday gains around 0.50%. It fluctuated between 0.06225 low and 0.07363 high during the day.
What is Furucombo (COMBO)?
Furucombo is a tool developed for users to optimize their DeFi strategy with just drag and drop mechanism. It’s like building your own DeFi legos, but users don’t need to know coding. In this way, it visualizes complex DeFi protocols into cubes.
Users simply input/output and set the order of the cubes (this is called a “combo”). Then Furucombo processes all the cubes and sends them. This is a great tool for people who want to perform transactions between different protocols, especially those who want to leverage flashloan.
Binance lawsuits continue
The world’s largest cryptocurrency exchange has faced a number of lawsuits in recent months, particularly from US regulators, for market manipulation and improper use of client funds. In one of them, Reuters claimed that Binance combined client funds with company revenues, which should have been held separately in the 2020 and 2021 periods.
In late March, Binance faced a CFTC lawsuit alleging market manipulation. As we quoted as Kriptokoin.com, the regulator reports that they have clear evidence.
In the latest developments, to which CEO CZ reacted, it was claimed that Binance was reducing its workforce on social media. CZ stated that the rumors were partially true, but not an anomalous one.
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