Monday, December 5, 2022

Bit.Com Exchange Rolls Out New Toncoin Savings Product

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Bit.com exchange rolls out a new Toncoin savings product to enhance the growth of the TON community so let’s read more today in our latest cryptocurrency news.

The Singapore-based Bit.com exchange rolled out a savings product and the CMO Toya Zhang added:

“By supporting the TON blockchain, Toncoin’s on-chain deposit and withdrawal fees will be much more affordable. Together with the 200% APY rewards, we believe this will contribute to the TON community growth in member numbers and user confidence.”

As a part of the Bit.com rebalancing Market Maker strategy, the Toncoin is paired with TEther and it attracted about $650,000 in investments since May. The RMM strategy was coined to ease the crypto investmetns because the users can gain rebalancing premiums so since TON is a community-driven blockchain project, the savings product is deemed a stepping stone towards more growth in the ecosystem. TON stands for “the Open Network” which is a third-generation PoS blockchain that was designed in 2018 by the Durov Brothers that founded Telegram Messenger.

bit.com

The company is eyeing the Web3 space via decentralized storage, Domain Name System, instant payments, and an anonymous network. Based on the TON objective of offering fast transactions and being user-friendly and cheap but the exchange seeks to make this a reality. Zhang pointed out:

“This is part of the strategic partnership between Bit.com and TON. We will continuously work closely to bring more benefits to the community.”

To diversify the options in the crypto space, the exchange established USDT margined futures which enable users to create short or long positions based on the underlying asset and profit whenever the price surged or eventually dropped. The exchange launched a fixed savings product that permitted earning of interest from different coins such as Bitcoin, bitcoin Cash, USD Coin, USDT and Chainlink, and also Ethereum.

Telegram co-founder Pavel Durov expressed his excitement about the Telegram Open Network and said he is happy that the technology is still developing after the company officially abandoned the project last year. Durov’s remarks came amid Donate which is a Telegram-verified payments service that prepares to enable donations on Telegram using the TonCoin cryptocurrency. TON announced a new partnership with Donate and said that the users will be able to make donations and pay for subscriptions in Toncoin.

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