Bit.com, a digital currency exchange with up to 50X leverage on perpetual futures, is pleased to announce that it now supports the depositing and withdrawal of TONCOIN, “the native token of the TON Protocol, on its native blockchain, and will introduce a 200% APY on Savings from May 20, 2022.”
The innovative Savings product should be available to users via Bit.com‘s secure and easy-to-use mobile app.
However, the 200% APY will be “a limited promotion.”
Those who sign up and deposit TONCOIN “before the quota ends earn the high APY.”
Toya Zhang, CMO of Bit.com, 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. This is part of the strategic partnership between Bit.com and TON. We will continuously work closely to bring more benefits to the community.”
The TONCOIN savings product “complements Bit.com’s existing offerings.”
The coin is already “part of the exchange’s Rebalancing Market Maker (RMM) Strategy Selection, where it is paired with the USDT.”
By mid-May 2022, it had “attracted over $665,000 in investments allowing users to earn an APY of more than 60%.”
Bit.com’s RMM Strategy “is algorithmically controlled and incorporates mean reversions.”
It automatically “balances the ratio of two crypto assets in an investor’s portfolio based on the initial principal amount.”
This strategy “eases crypto investment and allows users to earn rebalancing premiums easily.”
By listing TON and adding the token to its savings product, Bit.com is “helping the team
behind the TON blockchain achieve its objectives, drawing in more users.”
The exchange also directly contributes “to reducing on-chain transaction fees attracting more developers and users to the network’s ecosystem.”
As noted in the update, the TON blockchain is “a fully-functional, decentralized, and low-fee proof-of-stake blockchain.”
It is “building an interconnected web of public ledgers that will also be compatible with the existing web 2.0 internet.”
Besides the high scalability, throughput, and baked-in anonymity, the TON blockchain’s thriving ecosystem comprises “a highly reliable decentralized storage system, a Domain Name System (DNS), a payment service, and various decentralized services.”
As mentioned in the announcement, Bit.com is “a full-suite liquid cryptocurrency exchange launched by Matrixport, a financial service provider based in Singapore, in August 2020.”
The exchange “supports spot and derivatives crypto trading with high leverage from 10X, focusing on security.”
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