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Gold-verified Blockchain.com exchange users in more than 150 countries will now be able to trade Bitcoin with up to 5x leverage.
Blockchain.com, a Bitcoin (BTC) wallet and exchange platform, has announced the launch of margin trading services.
In a blog post issued on Tuesday, Blockchain.com stated that Bitcoin margin trading had been a regular request from users since launching its exchange service in 2019.
According to the announcement, the platform will launch margin trading for the Bitcoin-United States dollar (BTC/USD) pair with up to 5x leverage.
The exchange’s Bitcoin margin trading service will be available to users in about 150 countries, with significant exceptions for Italy, France, Canada and the United States. Other exempted jurisdictions include Japan, Germany, Austria, the United Kingdom and the Netherlands.
According to Tuesday’s announcement, only gold-verified users with full identity verification will be able to use the margin trading feature.
The announcement stated that daily trading fees on open margin trading positions would be 0.12 percent, which is equivalent to 0.02 percent per four hours.
The introduction of margin trading is the latest achievement for Blockchain.com since it expanded its product offering to include cryptocurrency exchange services.
In August, the platform announced that it had reached $1 trillion in crypto transactions and that it was considering an initial public offering (IPO) by 2023.
Blockchain.com’s IPO plans are part of a growing trend of exchanges and other crypto firms pursuing public listings, similar to Coinbase. Kraken and Circle, for example, are both considering public stock exchange listings.
The wallet and exchange platform also held multiple fundraising rounds earlier this year and was valued at $5.2 billion as of March. According to reports, Blockchain.com used the funds to expand its institutional business.
Back in June, Blockchain.com collaborated with Unstoppable Domains to introduce username-based transactions to 32 million verified customers.