Binance Crypto Exchange Launches Futures Trading for Ethereum-Based Altcoin That’s Surged Over 50% in a Week

The world’s largest crypto exchange platform by volume is launching futures trading for one Ethereum (ETH)-based altcoin that’s jumped over 50% in a week.

In a new announcement, crypto exchange Binance says that it will be launching futures contracts with up to 50x leverage for Powerledger (POWR), a decentralized energy market built on top of ETH that democratizes energy tokens.

According to Powerledger’s official website, the crypto asset aims to aid the decentralization of the energy grid, help transition toward renewable energy, and help consumers keep track of their power usage.

“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…

Our mission is to empower ordinary citizens and corporations alike, so that their renewable energy generation, storage and buying power is harnessed in an optimal way. Our mission includes bringing continuity in transmission and distribution that is less liable to conventional grid failures.”

According to Binance, futures contracts for Powerledger will start being offered as soon as tomorrow.

POWR is trading for $0.247 at time of writing, a 22.5% decrease during the last 24 hours but a 59% increase since October 19th, when it was moving for $0.156.

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Featured Image: Shutterstock/Space creator/Vladimir Sazonov