Justin Sun today announced the listing of Tron [TRX] perpetual contracts on BaseFEX, a cryptocurrency derivative exchange, via his official handle. He tweeted,
— Justin Sun (@justinsuntron) June 24, 2019
The price of the index would be derived from Bitfinex and Bittrex. Additionally, the platform will enable its traders to trade perpetual contracts for up to 50x leverage, according to the official announcement. Besides TRX, BaseFEX also listed Bitcoin Cash [BCH] perpetual contracts which also has up to 50x leverage. Other existing coins such as Bitcoin, Ethereum and other altcoins have a maximum of 20 – 100x leverage.
BitMEX exchange has one of the most famous perpetual contracts for Bitcoin, XBT, and this exchange provides more than $1 billion in trading volume. Further, BitMEX also offers futures contracts for other altcoins like Tron, XRP, and Ripple. This adoption by BaseFEX is another step towards Tron’s adoption.
The latest launch comes at a time when the Tron community has repeatedly appealed Coinbase to list TRX tokens on its platform. The call from the community intensified after reports of Binance geo-fencing U.S residents and stopping them from accessing the cryptocurrency on its platform emerged. However, there have been no positive developments regarding the same.
Addressing the same concern, a Twitter user named, Raymond Ford, tweeted,
“Let’s get on coinbase already :)”
Tron recovered significantly following the Bitcoin rally, breaking its strong resistance at $0.035. As Tron continued to climb higher, the digital token was a few points short of its next resistance level at $0.04.