Crypto exchange OKCoin adds support for TRON [TRX]
TRON has been one of the most interesting and fastest growing cryptocurrency projects in the market and throughout 2018 it kept pushing the envelope and announced a number of partnerships and collaborations that spoke volumes about this ever-evolving and growing network. Led by Justin Sun the network has come a long way in a very short span of time and its currency TRX is currently the 9th largest currency in the market in terms of market cap and there’s every chance of it going up and challenge the status quo in the near future. In one such move that would act a boost for TRON is the announcement made by the Bitcoin and cryptocurrency exchange OKCoin that it has listed TRX on its trading platform. The news was made public by the exchange in its Medium blog on Tuesday.
The blog further adds:
“Starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.”
At the time of print, TRX is up by 6.27 percent and is trading at 0.025381 and the total market cap of the coin stands at $1.692 billion. TRX-based operating systems are extremely efficient capable of supporting 2,000 transactions per second.
Speaking to CCN, Tom Byun, CEO of OKCoin, said that OKCoin spends a lot of time making sure that the tokens listed on the exchange are not securities.
“First thing we do, we have to abide by regulations in the US. We are a money service business. We’re operating out of the US. We’re serving US customers. So from a regulatory perspective, that’s the clearest step one to take, so we spend a lot of effort on our compliance team and our legal team to ensure that whatever we list is not a security,” he added.
Speaking about other requirements needed to be listed on OKCoin, Byun said, “Having passed that first hurdle, then we talk about what are some exciting things out there that we can list. And TRON was right at the top of our list, and so we met with the team. We felt very comfortable with the team and their experience. So TRON is having a big conference this week, and we thought that would be a great time to do this.”
While TRON has been on an upward slope since its inception, it has not been without its share of roadblocks and controversies. In a rather unexpected turn of events, Simon Morris, who was BitTorrent’s chief strategy officer, tasked with exploring the potential of blockchain and cryptocurrency said that there’s “no way” the Tron can handle the transaction volume needed to tokenize BitTorrent.
“It seems they’re going in the same direction [as our plan]. But what’s very clear is that they’re going to say they’re going in the same direction, come what may, because that’s what Tron does…it’s basically, a marketing machine layered on a very thin veneer of technology,” he added.
Image via Shutterstock
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