FTX Partners With Tron To Swap Assets To External Wallets: What You Need To Know

Flailing cryptocurrency exchange FTX has reached an agreement with cryptocurrency network Tron TRX/USD to establish a special facility to allow holders of TRX, BitTorrent BTT/USD, JUST JST/USD, Sun Token SUN/USD, and Huobi HT/USD to swap assets from FTX 1-to-1 to external wallets.

This functionality will be enabled at 1:30 p.m. Thursday, FTX said in a statement.  

Tron Token Facility To Be Determined Weekly

The exact capacity of the Tron token facility will be determined weekly and future injections will occur at 9 a.m. Eastern, FTX said. The amount to be deposited will depend on a number of factors such as withdrawal demand and funding capacity to be provided by Tron.

“By providing a set schedule of the amount of tokens to be introduced into the market and the corresponding time, our goal is to provide more clarity to the market allowing users to make better-informed decisions,” FTX stated.

Also read: With Bitcoin, Ether And Altcoins Drowning In A Sea Of Blood, Can Investors Hope To Catch A Falling Knife?

FTX To Disable Tron Deposits

As part of the agreement, FTX will disable Tron deposits for all users during this period.

The only deposits will be the pre-announced deposits conducted weekly by the Tron Team.

Initially, $13 million of assets will be deployed to facilitate such swaps, the company said.

Tron cryptocurrency network founder Justin Sun on Wednesday tweeted that he and his team were "putting together a solution" with FTX as Binance walked out of a proposed deal to acquire the cryptocurrency exchange.

Without providing further details, he said that his team "has been working around the clock to avoid further deterioration."

Wild swings are being witnessed in the crypto markets as investors remain jittery over possible ramifications of the fallout of Binance’s acquisition deal with FTX.