Crypto Exchange Bit.com Establishes Toncoin Savings Product to Enhance TON Ecosystem
Brian Njuguna May 27, 2022 09:35
To enhance the growth of the TON community through the native token Toncoin, Singapore-based crypto exchange Bit.com has rolled out a savings product.
To enhance the growth of the TON community through the native token Toncoin, Singapore-based crypto exchange Bit.com has rolled out a savings product.
Toya Zhang, Bit.com’s CMO, said:
“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 part of Bit.com’s Rebalancing Market Maker (RMM) strategy, Toncoin is paired with Tether (USDT), and by mid-May this year, it had attracted at least $665,000 in investments.
The RMM strategy was coined to ease crypto investment because users can gain rebalancing premiums.
Since TON is a community-driven blockchain project, the Toncoin savings product is deemed a stepping stone toward more growth in the ecosystem.
TON, which stands for “The Open Network,” is a third-generation proof-of-stake (PoS) blockchain designed in 2018 by the Durov brothers, who founded Telegram Messenger. The company is also eyeing the Web3 space through decentralized storage, instant payments, the Domain Name System (DNS), an anonymous network, and various decentralized services.
Therefore, based on TON’s objective of offering lightning-fast transactions and being user-friendly and cheap, Bit.com 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 options in the crypto space, Bit.com established USDT margined futures that enabled users to create long or short positions based on the underlying asset and profit whenever the price surged or dipped.
The exchange also launched a fixed savings product in March that permitted earning of interest from different coins like Bitcoin (BTC), USD Coin (USDC), Bitcoin Cash (BCH), USDT, Chainlink (LINK), and Ethereum (ETH).
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