According to data from CMC, TRON’s TRX has experienced a significant 12% increase in the past 24 hours
The trading platform recently submitted an application to become a Virtual Asset Service Provider (VASP) and is currently awaiting approval.
In a Twitter announcement on Friday, Justin Sun revealed that TRON’s TRX cryptocurrency is now actively functioning on the Ethereum blockchain, facilitated by the BitTorrent bridge. Within the last 24 hours, TRON’s TRX has witnessed a notable 12% surge, currently trading at $0.08522.
The implementation of the BitTorrent Bridge enables seamless and rapid transfer of assets between blockchain networks utilizing the Ethereum Virtual Machine (EVM) and Tron.
TRX Receives Significant Boost in Value
The introduction of the bridge will greatly enhance the liquidity and adoption of TRON’s native cryptocurrency within DeFi protocols. The current total value locked in over 800 protocols on the Ethereum network surpasses $80 billion, solidifying its position as the largest DeFi ecosystem in existence.
Tron boasts the second-highest Total Value Locked (TVL) among blockchain networks, with a substantial $5.61 billion secured across 22 protocols. Justin Sun, in a previous tweet, highlighted that Tron’s blockchain witnessed a new daily record on May 31st, with an impressive volume of approximately 11 million transactions.
As reported earlier, the formal application process for licenses to establish cryptocurrency trading platforms and exchanges in Hong Kong commenced on Thursday.
Since 2018, only qualified institutional investors were permitted to engage in cryptocurrency trading. However, new legislation in Hong Kong is set to facilitate retail trading, expected to be available as early as the second half of 2023.
Also Read This Related: Tron’s Q1 2023 revenue hits $90.04M despite SEC crackdown.
Justin Sun, the founder of Tron and an investor in Huobi, expressed admiration for Hong Kong’s decision to enable retail consumers to actively participate in the cryptocurrency market. Describing it as a significant milestone for the crypto industry in China, Sun hailed the Hong Kong government’s choice to grant ordinary investors the opportunity to engage in digital asset trading.
Justin Sun further projected that Huobi, the trading platform he is associated with, will likely obtain a license in Hong Kong within a year. Having recently submitted an application to become a Virtual Asset Service Provider (VASP), Huobi is currently awaiting approval from the regulatory authorities.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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