Leading cryptocurrency exchange Binance has announced it’s set to list the eigth-largest cryptocurrency by market capitalization Toncoin (TON) on its platform in a move that saw the cryptocurrency’s price surge more than 15%.
According to Binance’s announcement Toncoin is set to be listed with four trading pairs available and categorized as a “seed asset,” a designation added to assets that the cryptocurrency exchange uses for assets that “represent innovative projects that may exhibit higher volatility and risks compared to other listed tokens.”
To gain access to assets with the seed tag, users have to pass quizzes wevery 90 days on the Binance Spot and Binance Margin platforms, depending on where they’re looking to trade these assets.
Binance’s announcement saw the price of TON surge more than 15% in a day, from around $5.54 to over $6.3 at the time of writing.
Toncoin ($TON) is the native cryptocurrency of The Open Network. It serves multiple purposes within the TON ecosystem, acting as the primary medium of exchange for transactions, payments, and fees.
Users can utilize Toncoin to pay for services, execute smart contracts, and participate in network governance. Additionally, Toncoin incentivizes network participants, including validators who secure the network by processing transactions and maintaining blockchain integrity.
In a separate announcement, the leading cryptocurrency exchange revealed it’s also adding TON to its Binance Earn and Binance auto-invest products, which allow users to earn interest on their cryptocurrency holdings or invest in them automatically over time.
Users can also use Binance Convert for no fees to trade TON against “BTC, USDT, and any other tokens” supported on the Binance Convert feature, according to the exchange.
Featured image via Unsplash.
