Binance launches Football Fan Token Index Perpetual Contracts ahead of FIFA 2022

Binance launches Football Fan Token Index Perpetual Contracts ahead of FIFA 2022</strong>
Image Credits: Crypto Basics

On Wednesday, Binance launched a new crypto price index, the Football Fan Token Index perpetual contracts, which tracks the market performance of football club fan tokens listed on Binance’s spot market in USDT.

Available 24/7, with up to 25 times leverage, Binance said that it may adjust the contract from time to time to adapt to market risk conditions, modifying metrics like tick size, maximum leverage, initial margin, and/or maintenance margin requirements. 

Today, the company also launched its USDC perpetual contracts for its fan token index – a new product that allows users to trade using their USDC balance on the Binance derivatives market as collateral, and place long or short contracts with up to 25x leverage and no expiration date.

Based on the quantity of the cryptocurrency they are using, they can easily calculate the margin, profit, and loss in USDC.

Set to take place from 20 November to 18 December 2022 in Qatar, the 2022 FIFA world cup, a number of top clubs, such as Manchester City, Porto, PSG, Lazio, Barcelona, Santos, AC Milan, and Atletico Madrid have launched their respective fan tokens to allow their supporters to take part in team activities by voting on a number of minor decisions related to their club.

Fan tokens are also a major source of revenue for the teams, and can be traded on exchanges with wild price swings based on how the team performs.

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