Crypto Currency News
Bitcoin
$68,749.69
+412.45
Ethereum
$2,470.53
+16.97
Litecoin
$66.88
-0.96
DigitalCash
$21.92
+0.23
Monero
$159.65
+1.46
Nxt
$0.00
0
Ethereum Classic
$17.86
-0.05
Dogecoin
$0.16
+0.01

Binance Launchpool Introduces Bitcoin Hashrate Token as Cryptocurrency’s Market Cap Surpasses $ 1 Trillion

Binance launch pool, a new project aimed at bringing Binance users closer to the decentralized financial (DeFi) experience and where traders can earn new token rewards in exchange for staking, launched its first project this year – called the Bitcoin Standard Hashrate Token (BTCST).

BTCST aims to address the “limited exit options” issue by providing “exchange-grade” liquidity to bitcoin mining.

They also mentioned that BTCST will support an “efficient” market for the mining power of Bitcoin (BTC) in much the same way that the Grayscale Bitcoin Trust provides or creates institutional liquidity for the flagship cryptocurrency.

As mentioned in the announcement:

“BTCST is backed by 0.1 TH / s of real Bitcoin mining power, which has historically been proven to have a positive correlation with the performance of digital gold, and therefore the value of BTCST is rising along with the currently exploding Bitcoin market.”

BTCST has reportedly been reviewed by CertiK, a leading blockchain security company, and received “98 out of 100 in a security audit”.

During the launch pool participation, traders or investors have the opportunity to deposit their Binance Coin (BNB), Binance USD (BUSD) and BTC tokens into different pools in order to “farm BTCST tokens from 01/08/2021 at 0:00 “. AM (UTC). ”The exchange for digital assets will then list BTCST in the innovation zone“ on January 13th, 2020, 6:00 am (UTC) ”and open trading for the trading pairs BTCST / BTC, BTC / BUSD and BTCST / USDT .

Alex Zhao, Co-Founder and CTO at BTCST, said:

“Compared to traditional cloud mining, BTCST represents the decentralized spirit of the blockchain, with all mining rewards being distributed through intelligent contracts that are in the chain with full transparency.”

Daisy Zhang, Co-Founder of BTCST, noted:

“Standardization and tokenization of the hashrate made possible by BTCST [could] bring liquidity to Bitcoin mining to an unprecedented level. Miners and traders are bridged to ensure profits from both sides. Especially when compared to the strong bull market, BTCST has enormous potential, which I believe will conquer the market. “

Changpeng Zhao, CEO of Binance, noted:

“BTCST is already being used as a cloud mining platform on the Binance Smart Chain and we are supporting the project through our mining pool. We look forward to continuing to work with BTCST on the further development of the Binance Launchpool. “

Specifically, this announcement came from Binance shortly after the cryptocurrency’s market cap topped $ 1 trillion for the first time in history.

The Binance team pointed out that institutional and residential users entering the digital asset market have chosen Bitcoin (BTC) as the crypto of choice, which has helped drive prices to all-time highs. Binance added that the inflow of capital “marks a possible tipping point for cryptocurrencies as mainstream interest in Bitcoin grows”.

Binance further stated:

“The $ 1 trillion figure is undoubtedly a triumph for longtime crypto enthusiasts and advocates who watched total market cap peak at $ 814.3 billion in January 2018 before retiring. But as momentum accelerates over the past few weeks, the next milestone may be near. Other cryptocurrencies have also seen massive price gains. “

Ethereum (ETH) is up more than 46% YTD in 2021, which could open more potential avenues for growth and adoption, Binance added.

Comments are closed.