TRON’s TRX has gained about 12% in the previous 24 hours as per CMC.

The trading platform applied to be a VASP last week and is now awaiting approval.

On Friday, Justin Sun announced on Twitter that TRON’s TRX cryptocurrency is now live on the Ethereum blockchain. This was possible through the BitTorrent bridge. TRON’s TRX has gained about 12% in the previous 24 hours, and is now trading at $0.08522.

With the BitTorrent Bridge in place. Assets might be transferred quickly and easily between blockchains that use the Ethereum Virtual Machine (EVM) and Tron.

Major Boost for TRX

TRON’s native cryptocurrency’s liquidity and adoption in DeFi protocols will both be boosted by the bridge. The total amount of assets locked in over 800 protocols on Ethereum’s network exceeds $80 billion, making it the biggest DeFi ecosystem at present.

With $5.61 billion secured on 22 protocols, Tron has the second-highest TVL among blockchain networks. Sun had earlier tweeted that the May 31st volume of approximately 11 million transactions on the Tron blockchain was a new day record.

On Thursday, as previously reported, the process of applying for licenses to operate cryptocurrency trading platforms and exchanges in Hong Kong officially began. Since 2018, only qualified institutional investors have been allowed to trade cryptocurrencies. However, new legislation in Hong Kong will enable retail trading as early as the second half of 2023.

Tron founder and Huobi investor Justin Sun praised Hong Kong for enabling retail consumers to participate in the cryptocurrency market. “A very big step for crypto in China,” as Justin Sun put it, is the Hong Kong government’s decision to allow ordinary investors to begin trading digital assets.

He also estimated that Huobi will be granted a license in Hong Kong within a year. The trading platform applied to be a VASP last week and is now awaiting approval.

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Filed under: Bitcoin - @ June 3, 2023 10:20 am