• The Binance exchange has launched futures trading for the Powerledger (POWR) token.
• The Ethereum-based altcoin has also recorded a massive uptick in weekly gains, going up by more than 50%.

Binance, a leading cryptocurrency exchange is launching a Futures Trading for an Ethereum-based altcoin. In a recent announcement shared on its official website, Binance revealed that it will be launching the “USDⓈ-M POWR Perpetual Contract” on the 27th of September. Interested investors can look forward to mouthwatering offers a benefit with up to 50x leverage.

Sharing more details on the USDⓈ-M POWR Perpetual Contract, Binance revealed that the POWR token is the underlying asset linked to the futures trading contract. Investors can also expect to receive a settlement in USDT.

It is worth noting that the Powerledger (POWR) token is experiencing a massive bull rally. The Ethereum (ETH)–based altcoin has seen its gains surge by more than 50% within the space of a week.

The POWR token is currently trading at a press time price of $0.242. While the asset has lost more than 24% of its hourly gains, it has seen its value surge by more than 55%, since October 19th. Interestingly, while the market cap has dropped by 21.82%, trading volume has surged above 19%.

Speaking on the importance of the POWR asset, Powerledger revealed that the cryptocurrency is expected to foster decentralization of the energy grid. It also aims to aid in sustaining renewable energy and help its consumers track their level of power usage. Powerledger wrote on its official website saying:

We aim to lead the global democratization of the energy market in a way where people have access to the energy they need, can participate directly in energy markets, and improve their lives and the lives of others…

At its core, Powerledger is on a mission to empower everyday citizens and corporations, to help with harnessing their renewable energy generation, storage, and optimally buying power. Bringing continuity in transmission and distribution that is less liable to conventional grid failures, is a top priority for Powerledger.

As investors look forward to trading the futures contract, Binance outlines some important changes that could arise in the future. The exchange asserted:

Based on market risk conditions, Binance may adjust the specifications of the POWRUSDT Perpetual Contract from time to time, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements.

Meanwhile, investors using the multi-assets mode can trade the POWRUSDT Perpetual Contract across multiple margin assets. This means that users can use BTC as margin when trading the POWRUSDT Perpetual Contract when Multi-Assets Mode is activated. However, this is also subject to applicable haircuts.

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