On May 27, Bit.com, a Singapore-based crypto exchange, launched a savings product to help the TON community flourish through the native currency Toncoin.
Toncoin is coupled with Tether (USDT) as part of Bit.com’s Rebalancing Market Maker (RMM) plan, and it had garnered at least $665,000 in investments by mid-May this year.
The RMM approach was created to make crypto investing easier by allowing consumers to benefit from rebalancing premiums. The Toncoin savings product is considered a stepping stone toward more growth in the ecosystem because TON is a community-driven blockchain project.
The Open Network (TON) is a third-generation proof-of-stake (PoS) blockchain created by the Durov brothers, who established Telegram Messenger, in 2018. Decentralized storage, fast payments, the Domain Name System (DNS), an anonymous network, and other decentralised services are all part of the company’s Web3 strategy.
Bit.com is working to make this a reality, based on TON’s goal of enabling lightning-fast transactions that are also user-friendly and inexpensive.
Bit.com tweeted the following:
Toya Zhang, Bit.com CMO, stated:
“Toncoin’s on-chain deposit and withdrawal costs will be significantly reduced by supporting the TON blockchain. This, along with the 200 percent APY rewards, we believe, will help the TON community grow in terms of member numbers and user confidence.This is part of Bit.com’s and TON’s strategic cooperation. We will continue to collaborate closely in order to provide additional benefits to the community.”
Bit.com introduced USDT margined futures to diversify options in the crypto realm, allowing users to create long or short positions depending on the underlying asset and profit whenever the market skyrocketed or sank.
In March, the exchange introduced a fixed savings product that allowed users to earn interest on a variety of coins, including Bitcoin (BTC), USD Coin (USDC), Bitcoin Cash (BCH), USDT, Chainlink (LINK), and Ethereum (ETH).
It’s a wrap for this story.
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