Binance Users Can Now Auto Invest Fantom Blockchain’s FTM – FX Empire

binance-users-can-now-auto-invest-fantom-blockchain’s-ftm-–-fx-empire

Binance users can now use the auto-invest feature for the native token of the Fantom blockchain, FTM. The exchange announced this early today, stating that the token has now joined the growing numbers of crypto assets with the auto-invest feature enabled. 

With the feature, users can automatically use a dollar-cost averaging strategy to invest their tokens.

Binance Adds Auto Invest Option to FTM

Auto invest is one of the newest features on Binance. Users can automate their crypto investments while also earning passively through it. The auto-invest option is available on the Binance app, and it enables users to manage how volatility will affect their investments.

Binance launched auto investment in November 2021 as part of its Binance Earn suite. At the time of the launch, the feature supported only Bitcoin, Ethereum, and the exchange native token, BNB

But since then, the crypto firm has added other crypto-assets like Solana, Polkadot, Cardano, Algorand, Terra, Litecoin, and others.

According to Binance, by the end of 2021, there were more than 100,000 auto-invest plans with a total trading volume above $10 million. This shows that many users are adopting the feature.

FTM Price Declines by 0.8% in 24 Hours

The Fantom blockchain is one of the few high-performance open-source platforms with smart contract capabilities. The network considers itself an improvement on other blockchain networks due to its novel consensus mechanism.

It was recently in the news for a new governance proposal seeking to reduce the amount of self-staked tokens needed to be a validator on the network. The platform is home to several decentralized applications and has a TVL of over $8 billion, according to data on DeFiLlama.

Thus, the addition of FTM is likely to help boost the token’s value in the long run. In the last 24 hours, FTM’s value has dropped by 0.8% and is currently trading for $2.06.

This continues the recent poor price performance that has seen it lose 8.5% of its value in the last seven days and around 30% over the previous 30 days.

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About the Author: Kate