By Osato Avan Nomayo,
Bitcoin (BTC) wallet and exchange platform Blockchain.com has announced the introduction of margin trading services.
In a blog post issued on Tuesday, Blockchain.com stated that Bitcoin margin trading had been a regular request from users since launching its exchange service in 2019.
According to the announcement, the platform will launch margin trading for the Bitcoin-United States dollar (BTC/USD) pair with up to 5x leverage.
The exchange’s Bitcoin margin trading service will be available to users in about 150 countries, with significant exceptions for Italy, France, Canada and the United States. Other exempted jurisdictions include Japan, Germany, Austria, the United Kingdom and the Netherlands.
Only gold-verified users with full identity verification will have access to the margin trading feature according to Tuesday’s announcement.
In terms of cost, the announcement stated 0.12% in daily trading fees on open margin trading positions, which is equivalent to 0.02% per four hours.
The launch of margin trading is the latest milestone for Blockchain.com since expanding its product catalog to include cryptocurrency exchange services.
Back in August, the platform crossed $1 trillion in crypto transactions and announced that it was mulling an initial public offering (IPO) by 2023.
Related: Blockchain.com says goodbye to the Big Apple, hello to Miami
Blockchain.com’s IPO plans are part of the emerging trend of exchanges and other crypto firms pursuing public listings, following in the footsteps of Coinbase. Indeed, the likes of Kraken and Circle are also considering public stock exchange listings.
The wallet and exchange platform also conducted multiple fundraising rounds earlier in the year and clocked a $5.2-billion valuation as of March. Blockchain.com reportedly utilized the capital to develop its institutional business.
As previously reported by Cointelegraph, Blockchain.com partnered with Unstoppable Domains to introduce username-based transactions to 32 million verified customers back in June.
Source : https://cointelegraph.com/news/blockchain-com-exchange-debuts-bitcoin-margin-trading