Reports emerged on October 12 that Bitcoin (BTC) wallet and exchange firm Blockchain.com introduced its margin trading services. In their official blog post issued on Tuesday, the firm said that BTC margin trading had been a major request from the users since the firm launched its exchange service in 2019.
Based on this announcement, the platform is set to launch margin trading for the BTC- United States dollar (BTC/USD) pair with leverage available for up to 5X. The platform’s BTC margin trading service will be active for gold-verified users in around 150 nations. The exceptions include Canada, Italy, the United States, and Canada.
The other jurisdictions that are exempted include Austria, Japan, the United Kingdom, Germany, and the Netherlands. Notably, just the gold-verified users that have full identity verification will gain access to the margin trading feature based on that announcement.
With regards to cost, this announcement said that 0.12% in daily trading fees will be charged on open margin trading positions that are equivalent to 0.02% per every four hours. The unleashing of margin trading is now the latest milestone for Blockchain.com since it expanded its product catalog to feature crypto exchange services.
In August 2021, the platform surpassed $1 trillion in crypto transactions and said it was considering an initial public offering (IPO) by 2023. Blockchain.com’s IPO plans are considered a part of the emerging trend of crypto exchanges and other crypto companies that are pursuing public listings, all following in the footsteps of Coinbase.
The likes of Circle and Kraken are also considering public stock exchange listings in the future. Blockchain.com also conducted many fundraising rounds earlier in the year and got a $5.2-billion valuation as of March 2021. The wallet and exchange platform allegedly used the capital to create its institutional business.
Based on previous reports, Blockchain.com worked with Unstoppable Domains to introduce username-based transactions to up to 32 million verified customers in June 2021.