Binance Launches Altcoin LiquidityBoost Program

Binance, the world’s largest cryptocurrency exchange by trading volume, is launching a new program to help improve liquidity in the altcoin market. According to the announcement, the Altcoin LiquidityBoost Program aims to support smaller market-making firms and give them a better chance in the market. The Altcoin Liquidity Program Rewards Market Makers The program aims to improve trading and price efficiency for selected altcoin pairs by encouraging liquidity providers. Participants who qualify can earn up to 1 basis point (bps) or 0.01% rebates for providing liquidity on eligible altcoin spot trading pairs. Binance mentioned that this rebate structure will help lower costs for smaller market makers and invite more individuals to trade altcoins. Notably, market-makers can start applying to join the program on June 9. Those who meet Binance’s requirements will begin to receive rebates on June 17. Meanwhile, Binance has yet to share the exact criteria to make market-makers eligible. However, this move demonstrates Binance’s commitment to improving the market and supporting a variety of options within the ecosystem. Binance New Program Support 18 Altcoins At launch, the program will support 18 altcoins. The altcoins include STO/USDT, SYRUP/USDT, SXT/USDT, BABY/USDT, FIL/USDT, WCT/USDT, ONDO/USDT, TON/USDT, KMNO/USDT, and IOTX/USDT. The program will also support W/USDT, HYPER/USDT, PARTI/USDT, ICP/USDT, KERNEL/USDT, CFX/USDT, EOS/USDT, and INIT/USDT. Some years ago, Binance launched a market maker program , as reported by TheCoinRise. Users whose monthly trading volumes exceeded 1,000 Bitcoins and who also had quality market-making strategies joined the program. Binance explained that the initiative aimed to bring more liquidity to the exchange. Binance to Drive Crypto Growth Recall that the exchange joined the Kyrgyz government to boost the country’s digital economy . Binance’s partnership opens the door to crypto payments, better financial education, and support for new Web3 projects in the region. As part of the signed agreement, the trading platform will help introduce its subsidiary BPay Global Service in Kyrgyzstan. This payment platform enables fast and secure crypto payments, even across borders. Kyrgyzstan’s deal with Binance is part of a growing global movement in the crypto industry. More countries are working closely with crypto firms to build digital economies . Governments are beginning to view crypto and blockchain technologies as a means to improve financial systems and give people better access to digital tools. The post Binance Launches Altcoin LiquidityBoost Program appeared first on TheCoinrise.com .