FTX Announces Agreement With Tron Allowing Holders to Swap Assets

Vignesh Karunanidhi
FTX Announces Agreement With Tron Allowing Holders to Swap Certain Assets

FTX, one of the world’s largest cryptocurrency exchanges, appeared to be on track until recently. However, SBF’s empire crumbled when the exchange experienced liquidity problems, which brought a host of other issues to light.

Nobody predicted the collapse of a billion-dollar empire. Millions of customers, whose funds were locked in the exchange, stood by helpless. While the exchange works to resolve its crisis, the CEO of FTX also issued a public apology.

The exchange had halted the withdrawals for over 48 hours. However, it has begun processing withdrawals, as per on-chain data. To further assist users in withdrawing the funds, FTX announced an agreement with Tron. The agreement will allow TRX, BTT, JST, SUN, and HT holders to swap assets from FTX 1:1 to external wallets.

FTX asserts that Tron token facility capacity will depend on several factors

As per the details from the exchange’s recent announcement, the function will be activated at 18:30 UTC on November 10, 2022.

“The exact capacity of the Tron Token facility will be determined weekly and future injections will occur at 14:00 UTC. The amount to be deposited will depend on a number of factors such as withdrawal demand,” FTX stated in its recent tweet.

The announcement emphasizes that the ultimate goal is to provide users with more market clarity. As a part of this agreement, FTX will disable all Tron deposits on the platform. Only the Tron team will be able to make the deposits weekly.

The initial deposit by the team would be $13,000,000, which will be utilized for swaps. FTX also mentioned that there would be a weekly announcement regarding future capital injections. The FTX team also cautioned users to be careful, as TRX, BTT, JST, SUN, and HT may display high volatility due to the swap. Despite this news, the current future of the exchange remains unclear at the moment.