Binance adds support for Compound (COMP) cross margin trading

Binance adds support for Compound (COMP) cross margin trading
фото показано с : invezz.com

2020-11-16 12:53

The leading crypto exchange, Binance, published a new announcement earlier today, revealing that it has enabled Cross Margin trading for another new asset. The asset in question is a DeFi token Compound (COMP), which currently has two Cross Margin pairs.

Binance announces enabling COMP for Cross Margin Trading

Cryptocurrency exchange Binance has been among the first to start recognizing the potential of DeFi when it started to blow up, earlier this year. The exchange made several attempts to enter the DeFi sector and become an early mover, expecting the surging prices and DeFi’s constantly-growing popularity.

It even launched Binance Smart Chain in order to attract developers and users alike, as well as anyone else interested in decentralized finance.

Now, the exchange continues to make DeFi more available by adding Cross Margin assets, with the newest one being Compound (COMP).

#Binance Enables Cross Margin Trading for @compoundfinance $COMPhttps://t.co/hjGgWNgfVn

— Binance (@binance) November 16, 2020 Details about Cross Margin trading of COMP

According to Binance’s announcement, Compound Cross Margin trading was just enabled earlier today, with two Cross Margin pairs at this time — COMP/USDT and COMP/BTC.

Cross Margin trading is popular due to several reasons, such as the margin bein shared among the user margin account. Each user is allowed only one Cross Margin account, with all trading pairs available within it. In addition, assets in a cross margin account are shared by all positions.

Binance also explained in one of its guides that Margin Level is calculated ‘according to total asset value and debt in the cross margin account.’

The system is responsible for checking the margin level of the account, and notify the user about the next step, which can be closing positions, or supplying additional margin. In case the liquidation happens, all positions are liquidated.

The post Binance adds support for Compound (COMP) cross margin trading appeared first on Invezz.

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