Tron’s TRX Surges 11.6% on BitTorrent’s Token Launching on Binance's Launchpad

TRON’s TRX token has been seeing its price surge in the last few hours as traders are seemingly reacting to an announcement revealing BitTorrent’s BTT token will be launched on Binance’s token launch platform, Binance Launchpad.

As covered, the TRON Foundation, led by Justin Sun, has acquired the peer-to-peer file sharing platform with over 100 million users last year, which at the time saw TRX’s price surge 17%. BitTorrent’s BTT token, that’s to be launched on Binance’s token launch platform, is going to “allow BitTorrent peers to incentivize activities that lead to better file sharing.”

Given Binance is one of the largest cryptocurrency exchanges by trading volume, its Launchpad is likely going to help projects gain exposure and more users. Current TRX users will be rewarded with BTT tokens, which will depend on the TRON blockchain network in a way that’s set to “benefit the whole ecosystem.”

Shortly after the announcement, the TRX token’s price started surging and is currently outperforming the top 100 cryptocurrencies by market cap. The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted index tracking the top 100 cryptos, is currently up by 0.6%, while TRX is up 11.5% in the last 24-hour period.

Per available data, TRX went from a $0.0204 low to $0.0232 at press time. Given the rise its market cap is at $1.55 billion, making it the 10th largest cryptocurrency.

TRX has been surging after it was announced BitTorrent will be on Binance's launchpad

Supporting the cryptocurrency’s rise are other positive developments from the TRON Foundation. These include an increasing number of developers working on the project, and TRON network stats, which have revealed it now has over 1 million accounts, and 83 decentralized applications (dApps). Late last year, it surpassed 100 million transactions.

Going forward, the TRON Foundation has ambitiously revealed it’s looking to see TRX become a top 4 cryptocurrency, and to see its ecosystem grow larger than that of Ethereum in a bid to “make Tron the largest decentralized ecosystem.”

Most other top cryptocurrencies are also up in the last 24-hour period. Bitcoin, the flagship cryptocurrency, has risen 1.37% to $3,900 while Ether, the second-largest crypto by market cap, grew 4.05% to $159.7.

Other top altcoins are up anywhere between 1% and 3%, with litecoin being up nearly 9%, as it’s trading at $34.8.

Pornhub Adds USDT to Its Payment Options Using the TRON Blockchain

Adult entertainment website Pornhub has added Tether’s USDT stablecoin to its payout options for models, months after PayPal abruptly cut off the platform’s services.

According to the company’s announcement, the payouts are set to be conducted using the TRONLink wallet. The announcement explains that since PayPal decided to “stop payouts to thousands of Models” Pornhub has been working on offering more options to its models.

It adds:

USDT transactions can be done globally within a few seconds and there are no fees. Since USDT and TRON blockchain have partnered up, we can now pay Models securely through TRONlink, a cryptocurrency wallet.

As CryptoGlobe reported, Pornhub initially started paying out in Verge (XVG) when PayPal cut off its services, although the company at the time revealed it was evaluating adding other cryptocurrency payout options. USDT was likely chosen as its peg to the USD might make it a more viable option than a volatile crypto.

Pornhub has been accepting cryptocurrency payments for a while now, having added TRON’s TRX and ZEC back in 2018. USDT has been growing on the TRON blockchain, so much so that earlier this year we reported 900 million TRC20 USDT tokens had already been issued, representing 22% of the stablecoin’s total supply.

Justin Sun, TRON’s CEO, said Pornhub’s decision to add USDT via the TRONLink wallet was a “brilliant way to support the victims of centralized payment platforms like PayPal.”

It’s worth noting that as of September 2018, Pornhub revealed that less than 1% of its users were paying for its subscription using cryptocurrencies. It revealed, however, it remained optimistic as a spokesperson for the firm said: “we expect to see widespread adoption of crypto[currency] and blockchain on our site in the near future.”

Featured image via Pixabay.