Place/Date: - May 14th, 2021 at 7:18 pm UTC · 2 min read
Fast-growing crypto exchange Wisebitcoin launched trading pairs for ALGO yesterday. The token serves as a native currency for Algorand, an advanced smart contract platform that enables a set of scalable Layer 1 blockchains. It is available as an ALGO3L/USDT pair for 3x leveraged long positions and as an ALGO3S/USDT pair for 3x leveraged short positions.
The listing continues Wisebitcoin’s ETF Week. Over the next four months, the exchange is set to launch five ETFs every second week for a total of 20 ETF launches between May and August. Other listings for this week besides ALGO include SOL, ENJ, KSM, and KNC.
Wisebitcoin Senior Advisor Andrew Chae shared his outlook on the listing.
“ETF Week has been a massive success so far and we’re looking forward to seeing the ALGO pairs perform. We’re sure that professional traders on our platform will benefit from gaining exposure to this promising token through leveraged ETF positions.”
As explained by the Wisebitcoin team, ETFs consist of an asset that tracks the price of an underlying asset and are commonly used as a way to keep track of an index or a whole industry sector. They can be used on the exchange’s spot market as a tool to gain exposure to a specific crypto asset without owning it with up to 3:1 leverage.
Wisebitcoin is a decentralized global exchange for professional traders with a team of over 50 specialists. It’s part of a cloud ecosystem with $6 billion in daily trading volume and over 2.3 million transactions per second on single trading pairs. The platform provides unparalleled services such as 100x leverage on contract trading, 24/7 live phone support, cloud infrastructure, affiliate programs, and deep liquidity. Other important features include a user-friendly interface, a mobile app, and an insurance fund for asset protection.
Algorand created the world’s first pure proof-of-stake foundational blockchain designed for the future of finance. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer 1 blockchains that provide security, scalability, complete transaction finality, built-in privacy, co-chains, and advanced smart contracts that are essential in a FutureFi world.