The world’s largest cryptocurrency exchange has announced perpetual contract support for a new altcoin project connecting with the world of traditional finance (TradFi).
ONDO (Ondo Finance) is a project that focuses on tokenizing real assets (RWA), focusing on short-term bonds and U.S. Treasury bonds.
Ondo’s products are currently only accessible on the Ethereum (ETH), Solana (SOL), and Polygon (MATIC) blockchains. The fund invests in a variety of TradFi markets, including iShares Short Treasury Bond ETF, BlackRock’s short-term Treasury bond exchange-traded fund (ETF).
The project is being led by Justin Schmidt, president and COO, and Nathan Allman, founder and CEO, both former Goldman Sachs employees.
In a new announcement, Binance said it is launching a perpetual contract for Ondo’s native asset, ONDO, with up to 50x leverage. The exchange has not launched a spot market product for ONDO at the time of this writing.
Ondo Finance says it is positioning itself to capture the value created when TradFi and decentralized finance (DeFi) converge.
“At Ondo, we have several core beliefs. The first is that over the next decade, the worlds of traditional and decentralized finance will merge, supported by public blockchain technology. This will create significant value.
To position yourself to capture that value, you need to create institutional-quality products and services and a trusted brand. To us, ‘institutional grade’ means that (a) it is built and operated with security and transparency as its guiding principles; (b) legal and regulatory compliance; (c) carefully structured for cost-effectiveness and investor protection; (d) World-class customer/user experience.”
As of this writing, ONDO is trading at $0.256, with a market capitalization of over $371 million.
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