The world's largest cryptocurrency exchange is announcing perpetual contract support for a new altcoin project with connections to the world of traditional finance (TradFi).
Ondo Finance (ONDO) is a project focused on tokenizing real assets (RWAs), with a focus on short-term bonds and US Treasuries.
Ondo products are currently only accessible on the Ethereum (ETH), Solana (SOL), and Polygon (MATIC) blockchains. The funds invest in various TradFi markets including the iShares Short Treasure Bond ETF, and the BlackRock Short Treasure Exchange-Traded Fund (ETF).
The project is led by President and Chief Operating Officer Justin Schmidt and Founder and CEO Nathan Allman, both former Goldman Sachs employees.
In a new announcement, Binance says it will launch perpetual contracts for Ondo native assets ONDO with leverage of up to 50x. The exchange has not issued a spot market instrument for ONDO at the time of writing.
Ondo Finance says it is poised to capture the value created when TradFi and decentralized finance (DeFi) merge.
“At Ondo, we have a few core beliefs. The first is that over the next decade, the worlds of traditional and decentralized finance will merge, with public blockchain technology supporting it all. When that happens, significant value will be created.
To be well positioned to capture this value, we must create enterprise-level products and services and a trusted brand. For us, “enterprise level” means (a) building and operating with safety and transparency as core principles; (b) legally and regulatory compliant; (c) well-regulated, both in terms of cost-effectiveness and investor protection; and (d) world-class customer/user experience.”
At the time of writing, ONDO is trading at $0.256 with a market cap of over $371 million.
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