In a recent announcement, Bit.com, a multi-product cryptocurrency exchange supporting up to 10X leverage on ETH and BTC Options, said it now supports TONCOIN deposit and withdrawal.
TONCOIN is the native token of the TON Protocol, a high throughput, low-cost, scalable, and open-source blockchain platform first developed by Telegram founders. Besides deposit and withdrawal capabilities, Bit.com has also announced a 200% APY Savings product for TONCOIN available through the exchange’s mobile app.
Boosting TONCOIN Liquidity and Driving User Base
According to Toya Zhang, the Chief Marketing Officer (CMO) of Bit.com, this strategic partnership will benefit the community immensely. He added that the exchange’s support would make TONCOIN trading cheaper and significantly boost the token’s liquidity. Furthermore, the 200% APY Savings Product will increase users and instil confidence among token holders.
“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’s 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 coin’s Savings Product complements existing high-yielding products offered by Bit.com. Token holders can participate in the ramp’s Rebalancing Market Maker (RMM) Strategy Selection and earn over 60% in APY. The RMM Strategy Selection is an innovation by the exchange and is designed to take advantage of crypto volatility, easing crypto investments and for users to earn rebalancing premiums easily.
These products are Bit.com’s move to counter equally high Defi yielding products. Unlike in Defi, Bit.com clients benefit from security and diversity since supported coins don’t have to be necessarily tokens but individual coins launched from independent blockchains, even those without smart contracting capabilities.
Bit.com’s Diversity of Products
Since launching, Bit.com has evolved to be one of the fastest-growing and most reliable cryptocurrency exchanges, offering a full suite of crypto products.
Their support of up to 50X leverage for perpetual crypto futures and 10X for Options coupled with the platform being part of Matrixport has placed it in a revered position as a trusted and reliable ramp, driving crypto adoption in Asia and beyond. In Q2 2022, Bit.com is the second-largest Options market for Bitcoin and Ethereum.
Additionally, being a product of the financial service provider Matrixport, Bit.com has a solid footing with unparalleled levels of security and liquidity. For instance, the exchange revealed that user funds are secured by Cactus Custody which incorporates enterprise-grade security features. There is also an insurance fund as a safety net for impacted clients. Furthermore, to cushion traders against “Black Monday” like events, Bit.com uses an incremental liquidation mechanism.