Blockchain.com, a Bitcoin (BTC) wallet and exchange platform, debuts Bitcoin margin trading services. According to reports, this development is a result of numerous requests from the users.
Since opening its exchange service in 2019, Blockchain.com has received numerous requests for Bitcoin margin trading, according to a blog post published on Tuesday.
According to the release, the platform will begin margin trading with up to 5x leverage for the Bitcoin-United States dollar (BTC/USD) exchange.
Users in roughly 150 countries will be allowed to utilize the exchange’s Bitcoin margin trading service, with notable exceptions in Italy, France, Canada, and the United States. Japan, Germany, Austria, the United Kingdom, and the Netherlands are among the countries that are exempt.
According to Tuesday’s release, only gold-verified customers with full identity verification will be able to use the margin trading option.
The notification claimed that daily trading fees on open margin trading positions would be 0.12 percent, which is equivalent to 0.02 percent each four hours.
Since expanding its product portfolio to include bitcoin exchange services, Blockchain.com has reached another milestone with the debut of margin trading.
In August, the platform said that it had processed $1 trillion in cryptocurrency transactions and that it was considering an initial public offering (IPO) by 2023.
Following in the footsteps of Coinbase, Blockchain.com’s IPO aspirations are part of an expanding trend of exchanges and other crypto businesses pursuing public listings. Kraken and Circle, for example, are considering going public on the stock exchange.
Earlier this year, the wallet and exchange platform held three fundraising rounds and was valued at $5.2-billion as of March. According to reports, Blockchain.com used the funds to expand its institutional business.
In June, Blockchain.com worked with Unstoppable Domains to enable username-based transactions to 32 million verified consumers.