Tron (TRX) Cryptocurrency Jumps on Bitbox Listing

Published on 15 August 2018 by Cryptovest Staff

Line Corporation’s trading platform has added TRX, launching it in trading pairs with Bitcoin (BTC) and Ethereum (ETH).

Tron (TRX), one of the largest cryptocurrencies, leaped more than 13% on Wednesday as Bitbox, the new exchange of Asian messenger giant Line Corporation, announced the start of trading in the coin.

Bitbox added two TRX trading pairs – with Bitcoin (BTC) and Ethereum (ETH) – at 01:00 UTC on Wednesday. The exchange also supports the Tether (USDT) market, but Tron is not yet available for trading in a pair with USDT. Line Corporation will back the TRX airdrop on Bitbox, with nine million coins set to be given away by 22 August.

The exchange announcement pushed the price of TRX from $0.18 to $0.20 several minutes before the official launch. At the time of writing, Tron has gained 13.5%. The cryptocurrency has a market cap of about $1.34 billion, which makes it the 12th most valuable virtual coin project.

TRX clocked $97 million in trading volume over the last 24 hours on more than 40 exchanges. Pairs with BTC, ETH, and USDT on Binance accounted for more than $30 million of it, followed by around $10.1 million on Upbit, where TRX is also paired with the Korean won. The third largest Tron market was Bit-Z, where trading pairs with Bitcoin and Ethereum contributed around $9.3 million to the TRX trading volume.

Tron on Bitbox

Tron is the first virtual coin to be added on Bitbox after a review by the open-listing committee Line Corporation has established. According to the company, this initiative offers transparency in the process of listing new cryptocurrencies.

“The open-listing committee and review process is part of BITBOX's principle that all projects in the cryptocurrency community deserve an equal opportunity to be listed on the exchange. BITBOX is now accepting applications from other coin projects that want to join the exchange and that are prepared to undergo a thorough evaluation process,”

Line Corporation said in its statement.

Tron Foundation’s recent acquisition of file-sharing platform BitTorrent also played a part in Bitbox’s decision to add Tron.

“TRON has a solid tech platform, especially now it has joined forces with BitTorrent,”

commented BitYoungsu Ko, CEO of Singapore-based LINE Tech Plus, which operates the Bitbox exchange.