The world’s largest crypto exchange announces perpetual contract support for a new altcoin project with connections to the traditional financial world (TradFi).
Ondo Finance (ONDO) is a project aimed at tokenizing real-world assets (RWAs), with a focus on short-term bonds and US government bonds.
Ondo’s products are currently only accessible on the Ethereum (ETH), Solana (SOL) and Polygon (MATIC) blockchains. The funds invest in various TradFi markets, including iShares Short Treasury Bond ETF, BlackRock’s short-term Treasury Bond Exchange-Traded Fund (ETF).
The project is led by president and COO Justin Schmidt and founder and CEO Nathan Allman, both former Goldman Sachs employees.
In a new announcementBinance says it is launching perpetual contracts for Ondo’s native asset ONDO with up to 50x leverage. At the time of writing, the exchange has not yet released a spot market instrument for ONDO.
Ondo Finance say it is positioning itself to capture the value created when TradFi and decentralized finance (DeFi) merge.
“At Ondo, we have a number of core beliefs. The first is that in the next decade the traditional and decentralized financial worlds will merge, with public blockchain technology underpinning it all. If that happens, significant value will be created.
To be well positioned to capture that value, we must create institutional-quality products and services and a brand that is trusted. To us, “institutional level” means (a) built and operated with security and transparency as core principles; (b) comply with laws and regulations; (c) thoughtfully structured, 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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Featured image: Shutterstock/YanaBu