FTX signs agreement with TRON to swap assets
A relief for FTX after having tough days in recent times. The update is regarding the exchange platform signing an agreement with TRON to allow the holders of SUN, TRX, HT, JST, and BTT to swap their assets on FTX in 1:1 to an external wallet. The function is expected to go live on November 10, 2022, at 18:30 UTC.
As a part of the agreement, FTX will disable TRON deposits for users during this period. Future injections will happen at 14:00 UTC and the exact token facility of TRON will be determined every week.
Several factors will determine the amount that can be deposited. These factors will be decided by TRON. They will include withdrawal demand and funding capacity. FTX further looks to provide a specific time when the tokens will be introduced. The goal is to provide clarity to the customers and allow them to make informed decisions.
While general deposits will be disabled, the pre-announced deposits will remain operational as done by the TRON Team every week.
Swaps will be initially powered by assets worth $13,000,000. All the pieces of information related to future injections will be made public on a weekly basis. The announcement was made by FTX through an official article where it thanked TRON for coming to the rescue.
FTX said that it was grateful to the TRON Team for stepping up to assist the exchange platform during the hard times. FTX also acknowledged the support that the TRON team has brought along with it for the wider sense of the crypto market.
Times are running in a bad direction for FTX since it announced the liquidity crisis. Binance backing out from the deal was a heartbreak that has been hopefully healed by the TRON team for now. FTX continues facing withdrawal requests from its customers. In the latest development, FTX hinted that it will seek additional funds of up to $8 billion from inventors to meet the withdrawal requests.
Troubles have, however, deepened for the venture as the Bahamas Securities Commission has ordered the appointment of a provisional liquidator to manage its assets. The commission has suspended its local license and Brian Simms is on the job as a provisional liquidator.
The commission has found a prudent course to liquidate the venture in order to preserve the assets and stabilize the company.
TRON could not have come at the right time. While many crypto ventures have withdrawn their support, TRON has decided to hold hands and walk to the other side of the tunnel. Several crypto ventures have stated that their interests are either zero or minimal in the accounts of FTX.
An agreement where asset holders can swap their holdings offers some relief to the customers. The functionality goes live at 18:30 UTC on November 10, 2022.