Tron (TRX): Bitbns, Cryptopia to support blockchain upgrade and token migration
Tron (TRX) is being supported by two exchanges — Cryptopia and Bitbns — announced by Justin Sun recently. They’ll be lending their support to the blockchain its token migration.
Bitbns is an Indian exchange platform went live, in December 2017. It supports trading in all big cryptocurrencies such as Bitcoin, Ethereum, Ripple and Cardano. On the other hand, Cryptopia is a Switzerland-based crypto exchange that facilitates deposit, trade, and withdrawal of 400+ cryptocurrencies including Bitcoin and Litecoin. It also shares the crypto-market news and coin information on its portal.
Currently, the tokens TRX supporters hold are ERC20 tokens which were created on the Ethereum network. They will not be compatible with the new platform. So, this swapping is important. The migration from ERC20 to the TRON20 standard, a native coin for the Mainnet. The swap will be 1:1. After the migration, it will achieve full independence from the Ethereum network.
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TRX prices have had rapid fluctuations in the last three months. The price reportedly went as low as $0.03 with over $2 billion market capitalization. After this plunge, it went up to $0.99 and with a market capitalization of over $6 billion. Currently, TRX is trading $0.050 with a market cap of more than $3 billion. According to the last 7-day data, there’s a steep rise in its price of above 18%. Tron token migration is here, and it is speculated that the sudden bullish nature of the cryptocurrency is because of the token swapping. The tokens that currently the TRX supporters holding are ERC20 tokens which were created on the Ethereum network.
Since these tokens will not be compatible with the new platform, the swapping is important. The migration from ERC20 to the TRON20 standard, a native coin for the Mainnet. The swap will be 1:1. After the migration, it will achieve full independence from the Ethereum network. Exchanges will be having their own timelines as to until when they will be accepting deposits for the June 24 token migration.
Exchanges supporting token migration
Apart from Bitbns and Cryptopia, other 34 exchanges that’s supporting the token migration include, Binance, Bitfinex, Bitforex, Bithumb, BITKOP, Bitpie, Bittrex, Bit-Z,Bixin, Bi, CEO, COBINHOOD, Cobo, CoinEgg, CoinEx, Coinnest, Coinoah, CoinTiger, Crex24, DragonEX, Gate.io, HPX, Huobi, Indodax, Koinex, Lbank, Liqui, Livecoin, Max Exchange, Mercatox, OkCoin-kr, OKEx, Upbit and Zebpay.
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