WazirX, India’s largest cryptocurrency exchange has officially announced that they would be supporting the BitTorrent redenomination, token migration, and renaming plan.
The exchange has released details of the ongoing activities that would happen during the BTT redenomination, token migration, and renaming activities.
WazirX has already suspended any deposits and withdrawals of BTT. Also, they will be delisting BTT/USDT and BTT/INR on January 17th at 8:30 AM IST, and all pending trade orders will be canceled.
📢 Support for BTT (OLD) token swap to BTTC
👉 17th Jan: WazirX will delist BTT/USDT and BTT/INR
👉 We will distribute BTTC to all eligible users at a ratio of 1 BTT (OLD) = 1,000 BTTC
More info 👇https://t.co/Gzjubjyq8V
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 11, 2022
All of the old BTT balances would be recovered in order to begin the distribution of new BTT to all eligible holders and the token would be renamed as BTTC at a ratio of 1 BTT (Old) = 1000 BTTC. Once the token migration is completed, all of the old BTT tokens would be renamed as BTTOLD.
The trading pairs BTTC/USDT and BTTC/INR would be open for trading starting on January 21st at 4:00 PM IST.
Asides from WazirX, another Indian-based exchange Bitbns has already supported the BTT redenomination plan.
What is WazirX?
WazirX is India’s largest cryptocurrency exchange and it was founded by Nischal Shetty in March 2018. It is one of the most popular exchanges with over 7.3 million users and allows their community to buy, sell, and trade a number of well-known coins such as Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies.
In 2019, the world’s largest cryptocurrency exchange platform, Binance acquired WazirX and allowed users to have multiple fiat-to-crypto gateways.
WazirX is one of the most secured crypto exchanges in the market and their platform allows millions of transactions per second to ensure quick delivery of funds to their users.
The exchange also has its very own utility token called the WRX which is based on the Binance Chain and Ethereum chain with a maximum supply of 1 Billion WRX coins.
In April last year, WazirX added TRX to their trading platform and it is one of the top traded tokens on the exchange.
What is BitTorrent?
BitTorrent is based in San Francisco and was founded on September 22, 2004, by Bram Cohen and Ashwin Navin. It is the largest decentralized P2P communications protocol for distributing data and large files over the Internet.
In 2018, BitTorrent was acquired by TRON Foundation and continued to provide support for their BitTorrent and uTorrent clients.
Last December, BitTorrent announced the BTT token migration, redenomination, and renaming plan which has been supported by the top cryptocurrency exchanges in the world such as Binance, Bibox and Bithumb just to name a few.
The old BTT tokens would be called BTTC and it has been applied in the BitTorrent Chain ecosystem.
📢#BitTorrent Chain (#BTTC) and the #BTT redenomination plan are now launched!
🥳Anticipated since Testnet, BTTC is born, thanks to the dedications of #BitTorrent and @Tronfoundation Team, and to lovely supporters and fans, thank you all!
👇Learn more: https://t.co/5KfPzBOQrz pic.twitter.com/AH1heacNuS
— BitTorrent Inc. (@BitTorrent) December 12, 2021
As stated on their website, the new BTTC token would be primarily used for the following:
- Becoming a validator on the BTTC network;
- Staking on BTTC to gain rewards;
- Participating in the governance of the BTTC community;
- Paying for gas fees as a native token of BTTC.
In just the 2nd week of January, we are seeing top cryptocurrency exchanges like Binance and WazirX supporting the BTT token migration, redenomination, and renaming plan.
BitTorrent gave until January 12, 2022, for exchanges, wallets, developers, and other partners to complete the redenomination and swap plan.
For more news and updates, see Tron Spark.