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Binance to launch Toncoin perpetual contract amid market hype

binance-to-launch-toncoin-perpetual-contract-amid-market-hype
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Binance to launch Toncoin perpetual contract amid market hype

Cryptocurrency exchange Binance’s futures platform, Binance Futures, is launching perpetual contracts with Toncoin (TON).

According to the platform’s March 1 post, Binance will expand its futures lineup and launch the TONUSDT perpetual contract on March 1 at 12:30 UTC with a maximum leverage of up to 50x.

Notably, TON spot trading is not yet supported on Binance. Coin price tracking and market information are available on the platform’s website, but there are currently no products for TON other than a futures contract.

With the launch of TONUSDT, the Binance team could be chasing the hype of recent days amid the news about TON. This week, the coin is showing growth after the founder of the Telegram messenger, Pavel Durov, announced a financial reward for the owners of Telegram channels for displaying advertisements. Payments will be made in TON cryptocurrency.

As a result of the news, the price of TON jumped by 30%. On Feb. 28, the coin rose in price from $2.15 to $2.64 in less than an hour. Over the past 24 hours, the token continued to grow after Binance’s announcement, rising in price by more than 3% to $2.70.

Binance to launch Toncoin perpetual contract amid market hype - 1

The growth came despite concerns from some users that the new ads feature would increase the centralization of the TON ecosystem. Durov later announced that to limit Telegram‘s share in TON to about 10% of the supply, excess assets in TON would be sold to long-term investors.