A low-cap altcoin is up after the world’s top crypto exchange platform by volume announced the listing of perpetual futures for it.
The world’s leading cryptocurrency exchange Binance has announced support for Bitcoin (BTC) decentralized finance (DeFi)-focused platform Lorenzo Protocol (BANK) to Binance Futures.
The announcement, which came on the same day as BANK’s official launch on the BNB Chain, may have sparked a rally in the digital asset.
At the time of writing (08:38 UTC), BANK is trading at $0.044 and has fallen by 13% over the last 24 hours. The digital asset hit a low of $0.03 on April 18th – the day of its launch – and a high of $0.057 just a few hours later. At to time of writing, BANK has a market cap of $18.85 million, making it a low-cap altcoin.
According to Binance, BANK/Tether (USDT) perpetual futures contracts with up to 50x leverage are available as of April 18th.
As stated on its official website, Lorenzo Protocol says it enables users to stake Bitcoin to acquire staked liquid tokens, which can be utilized 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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