Lorenzo Protocol’s BANK Token Rises After Binance Futures Listing

Lorenzo Protocol’s token BANK surged after Binance announced perpetual futures support. Launched on April 18th on the BNB Chain, its price rose from $0.03 to $0.057, though currently trading at $0.044. The market cap stands at $18.85 million, with Binance offering leveraged trading options.

A low-cap altcoin, BANK, has experienced significant price growth following Binance’s announcement to list perpetual futures for it. Binance confirmed that support for Lorenzo Protocol, a Bitcoin decentralised finance (DeFi) platform, would commence on their Futures market. This announcement coincided with BANK’s launch on the BNB Chain, propelling the token’s price from $0.03 to $0.057 shortly after launch on April 18th. Currently, BANK trades at $0.044, marking a 13% decrease over the last 24 hours, with a market capitalisation of $18.85 million.

Binance has introduced BANK/Tether (USDT) perpetual contracts, offering leverage of up to 50x from April 18th. According to Lorenzo Protocol’s official site, users can stake Bitcoin and receive staked liquid tokens for use on various DeFi platforms. The platform highlights a critical demand for Bitcoin liquidity in the expanding market of Layer-2 solutions, DeFi applications, and trading activities. Lorenzo aims to create a robust and efficient marketplace for Bitcoin holders, facilitating access to investment opportunities for their unused Bitcoin liquidity and promoting the ecosystem for financing Bitcoin staking tokens.

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