U.S-based cryptocurrency exchange named ‘Poloniex’ has added support for deposits and withdrawals of Tether [USDT] on the Tron [TRX] network. The event can reportedly support Tether [USDT] on both chains – Tether [USDT] issued on the Omni protocol as well as the Tron [TRX] network.
Poloniex added within the announcement that its call to support the new chain is reasoned by enlarged flexibility it provides to the Tether [USDT] platform. So as to support both the versions, the exchange will be converting some percentage of Tether [USDT] presently on the Omni blockchain to Tether on the Tron [TRX] blockchain.
Moreover, Poloniex is progressing to launch an airdrop to eligible consumers owning Tether [USDT] later this month. “The quantity of USDT we receive within the airdrop would be based on the amount we convert. Once the airdrop begins, Poloniex clients would be credited based on the amount of Tether [USDT] they hold on the exchange,” the exchange added.
Tether [USDT] ‘started‘ issuing USDT on the Tron [TRX] blockchain on 17th April. This development is an upgrade from the Omni protocol-based USDT, that supposedly allows users to hold and transfer the crypto-currency through smart contracts on Tron [TRX].
Last Dec., Poloniex ‘launched‘ a dedicated offering for institutional traders. The exchange so joined an increasing array of operators wanting to service the institutional market.
Prior to that, Poloniex ‘revealed‘ its plans to get rid of margin and lending products for its customers within the United States and delist 3 digital assets, Synereo [AMP], Expanse [EXP], and Gnosis [GNO]. The exchange explained then that the move had been taken to ensure that the exchange complies with regulative needs in very jurisdiction. The announcement, however, didn’t refer directly any specific laws.