Poloniex Exchange Supports USDT-Tron
By Luke Flowers – Crypto Speculator
Circle’s US-based cryptocurrency exchange, Poloniex, announces support for the new USDT-Tron cryptocurrency. This coin has all the same features as the Omni Protocol version on the Bitcoin blockchain but runs on the Tron blockchain, a much faster network with greater throughput. Users of the exchange will soon be able to buy and sell cryptocurrency using the stablecoin.
The original USDT-Omni protocol coin was introduced as a stablecoin that holds the value of $1.00. Traders could use the coin to hedge against the volatility of Bitcoin and the cryptocurrency markets during times of uncertainty. Using the stablecoin to buy and sell Bitcoin allows traders to quickly trade utilising the benefits the blockchain brought without the volatility in the price. Using traditional fiat to buy Tron or crypto would take too long for the transaction to process before the price could potentially move.
The USDT-Omni coin that runs on the Bitcoin network, however, cannot scale up with the networks activity and traders needs as transactions can be costly. This led Tether to look for alternative blockchains to run their cryptocurrency. The first was on the Ethereum network to speed up buying and selling Bitcoin for traders but this is still limited. The Tron network promises immediate transaction speeds with minimal fees.
The platform has also expressed their support for the upcoming airdrop for USDT-Tron holders. These holders will receive tokens from a $20 million incentive pool. The daily bonuses are scheduled to begin at the end of April until the beginning of August for those who convert USDT-Omni into USDT-TRON. Users of the exchange can withdraw USDT without worry to their favoured as the markets on Poloniex will be unaffected.
Don’t forget to head over to our platform to buy Bitcoin UK. You can also purchase a variety of stablecoins for buying crypto so check it out.