Binance Launches Perpetual Contract for New Crypto Project Led by Former Goldman Sachs Employees
The largest crypto exchange in the world is announcing perpetual contract support for a new altcoin project with connections to the traditional finance (TradFi) world.
Ondo Finance (ONDO) is a project focused on tokenizing real-world assets (RWAs), with a focus on short-term bonds and US Treasuries.
Ondo’s products are currently only accessible on the Ethereum (ETH), Solana (SOL) and Polygon (MATIC) blockchains. The funds invest in different 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 employees of Goldman Sachs.
In a new announcement, Binance says it is launching perpetual contracts for Ondo’s native asset ONDO with up to 50x leverage. The exchange has not released a spot market instrument for ONDO at time of writing.
Ondo Finance says it’s positioning itself to capture the value that is created when TradFi and decentralized finance (DeFi) merge.
“At Ondo, we hold a few core beliefs. The first is that over the next decade, the traditional and decentralized finance worlds will merge, with public blockchain technology underpinning it all. As that happens, significant value will be created.
To be well-positioned to capture that value, we must create institutional-grade products and services and a brand that is trusted. To us, ‘institutional-grade’ means (a) built and operated with security and transparency as bedrock principles; (b) legally and regulatorily compliant; (c) thoughtfully structured, both in terms of cost-effectiveness and investor protections; and (d) world-class customer/user experience.”
At time of writing, ONDO is trading at $0.256 with a market cap of over $371 million.
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