Major cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron blockchain.
Major cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron (TRX) blockchain, according to an announcement published on April 19.
United States-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT on the Tron network. The development will reportedly support Tether on both chains — USDT issued on the Omni protocol and the Tron network.
Poloniex said in the announcement that its decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support both versions, Poloniex will be converting a percentage of Tether currently on the Omni blockchain to Tether on the Tron blockchain.
Additionally, Poloniex is planning to launch an airdrop to eligible clients owning Tether later this month. “The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex,” the exchange says.
Tether started issuing USDT on the Tron (TRX) blockchain on April 17. The development is an upgrade from the Omni protocol-based USDT, that purportedly enables users to hold and transfer the cryptocurrency through smart contracts on Tron.
Last December, Poloniex launched a dedicated offering for institutional traders. The exchange thus joined an increasing array of operators looking to service the institutional market.
Prior to that, Poloniex announced plans to remove margin and lending products for its customers in the U.S and delist three digital assets, Synereo (AMP), Expanse (EXP), and Gnosis (GNO). Poloniex explained then that the move had been taken to ensure the exchange complies with regulatory requirements in every jurisdiction. The announcement, however, did not refer directly to any specific regulations.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.