Cryptocurrency exchange BIT adds TONcoin options trading to its offerings


BIT, the Seychelles cryptocurrency exchange, has made it possible for its users to trade options on TONcoin (TON). Before this event, only Bitcoin (BTC) and Ethereum (ETH) were available to crypto investors. 

In a press statement published on 26 January, it was announced that the new investment tool will be available on the Paradigm network in early February with the help of Darley Technologies and TON DWF Labs. 

Earlier, DWF Labs allocated $10 million to develop the TON environment and pledged to support up to 50 TON projects by 2023. Over the past year, TONcoin has managed to experience a resurgence despite a persistent crypto-zima. With a market value of $1.01bn as of 27 July 2022 and a peak of $3.25bn at $2.6578 on 19 December, TONcoin has experienced a recovery from its fall against the background of last year's cryptozyma. Current 24-hour trading volume is $38.2m and trades at $2.37 at a current market capitalization of $2.89bn. The addition of TONcoin to options trading could potentially boost its demand in the niche market.

The TON Fund recently announced the offering of trading options for TONcoin, a few days after news broke that TON blockchain validators could suspend 195 wallets that remained inactive. These wallets hold one billion TONcoin worth $2.2 billion. If 75% or more of validators agree, a vote to suspend them will begin on 21 February and they will be removed from the platform for four years. The TON Fund noted that by removing these inactive wallets, it will provide greater clarity on how much Toncoin is actually in circulation and help active participants using the network become more successful.

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