Binance, the largest cryptocurrency exchange by trading volume metrics, has announced the long-awaited Toncoin (TON) spot listing.
Toncoin is a Layer-1 (L1) blockchain initially created by the team behind Telegram to be fast and scalable.
Binance Introduces Toncoin Spot Trading
Toncoin, previously available only for futures trading on Binance, is now accessible for spot trading. This change provides investors and traders with increased flexibility. Unlike futures trading, where contracts are set for future delivery, spot trading allows for immediate buying and selling of Toncoin.
Binance users can trade TON in the spot market beginning August 8, 2024, at 10:00 UTC. A seed tag will be applied as Toncoin, being an innovative project, may exhibit higher volatility and risk compared to other listed tokens. The TON Report, an account that provides updates about TON and Telegram ecosystems, confirmed the news.
“Binance, the world’s largest cryptocurrency exchange, has announced the listing of TONcoin (TON), with trading set to begin on August 8, 2024, at 10:00 UTC,” the announcement stated.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Listings on popular exchanges often positively impact market sentiment toward the concerned token. Increased trading activity and liquidity are expected to contribute to price stability and potentially drive up the value of TON in the long run.
As BeInCrypto reported, the platform is actively onboarding existing and emerging altcoin projects. Its investment arm, Binance Labs, recently welcomed four emerging altcoin projects into its Season 7 Incubation program. The move enables innovation and growth within the Web3 sector.
Nevertheless, concerns remain over new Binance listings, with 29 out of 30 of its 2024 projects showing decreases. While there are speculations about the exchange providing exit liquidity for venture capitalists (VCs), researchers believe that the supply of these tokens may have been an obstacle to value discovery.
Read more: Top 5 Spot Trading Crypto Exchanges
Toncoin Price. Source: BeInCrypto
Nevertheless, the latest development highlights Binance’s commitment to providing diverse trading options for its users. TON is up 11% amid anticipation of the listing, increasing the token’s visibility. However, investors should brace for a possible “buy the rumor, sell the news” situation.
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