The first joint meetup of Binance and Eidoo was held in Milan.
During the meeting, both companies showcased their latest innovations and developments to a large audience, with a key focus around the Binance exchange and the Eidoo wallet.
The well-known Italian crypto YouTuber Luca Boiardi of The Crypto Gateway gave a live demonstration of how to use the two most recent features offered by the Binance exchange, labelled “spearheads” of the platform: margin trading and futures.
These offer new opportunities to all users, such as the possibility to open short positions – something not previously possible. In particular, futures are collateralised in USDT and can be used with a 20x leverage. For this reason, they should be used with caution. In addition, there are now two types of futures; those with autonomous pricing, and perpetual ones where the price anchored to that of bitcoin.
Since the use of leverage can generate a risk of excessive loss for traders, the platform automatically liquidates positions whose losses may not be covered by the trader’s deposited funds.
Alessandro Preti of Binance also highlighted their new lending feature, which allows users to lend their funds on the platform for a limited time and receive interest in return. Lending is linked to margin trading, where traders borrow funds provided by other users. Lenders can also earn compound interest if they decide to lend funds again at the end of individual lending contracts.
New features of the Eidoo app
Simone Conti of Eidoo then illustrated the new functionality of their wallet and hybrid exchange.
Eidoo is a non-custodial wallet, which means that users have full control over their private keys. It also allows trading with other users thanks to an integrated hybrid exchange – partly centralised and partly decentralised – to which a brokerage function will be added in the next few days.
Brokerage provides users with liquidity from various exchanges. The first to be integrated with the Eidoo wallet will be Bitfinex, followed by Binance. Eidoo will act as an interface for these different exchanges, but with a single KYC procedure.
It will also facilitate arbitrage so users can buy and sell crypto-assets on different exchanges.
Simone also presented the wallet’s crowdfunding feature. Eidoo offers companies the opportunity to issue their own token in the wallet, which can then be listed on the hybrid exchange. In this way, it’s possible to issue security tokens in the market through an STO.
Lastly, the company is also looking at integrating cutting-edge DeFi solutions, as well as the issuance of indexes (ETFs) anchored to bitcoin and gold.
talian YouTuber Marco Cavicchioli educated the audience about recent macroeconomic phenomenas, such as the duty war launched by the USA and political uncertainties related to Brexit, examining how these will likely affect the price of bitcoin in the near future.