In a special announcement earlier today, the team at the cryptocurrency exchange of KuCoin let the crypto community know that they planned on delisting the following tokens from the trading platform:
Raiden Network Token (RDN)
BlockMason Credit Protocol (BCPT)
Gladius Token (GLA)
According to KuCoin, the projects related to the tokens have been disqualified based on existing requirements at the exchange. KuCoin has what is known as a Special Treatment Area where they first place projects at risk of being delisted. Once a project is placed in the Special Treatment Area, it is kept under observation and its tokens can be delisted due to the following reasons:
Low liquidity for a certain period of time
Struggling or ceasing business activities for 3 months
Insolvency, bankruptcy or other financial constraints
Failing KuCoin audits
Failure to submit update reports in accordance with the requirements of the exchange
Likelihood of the project or team being dissolved
Any act considered as malicious in the market
Any other situation determined by KuCoin
All deposits and pending orders will be stopped at 10pm (UTC + 8) today, the 22nd of November 2018. Therefore, all users of the platform trading the tokens are advised to cancel pending orders as soon as possible
All trading pairs related to the six tokens will be closed at 2pm (UTC + 8) tomorrow, November 23rd 2018
However, withdrawals will remain active for 12 months till 6pm (UTC +8) November 23rd, 2019
Users of the platform are urged to keep in mind the above delisting timeline as they continue to trade on KuCoin
Possible Effects to the Value of Each Token
As has been witnessed with previous delistings of tokens by Binance and OKEX, tokens affected by such activities by exchanges usually lose value in matter of hours or even minutes after the announcement. Perhaps this time round things will be different given that the market has been on a downward spiral for the past week or so. All major coins and tokens have experienced double digit losses in value over the same time period.
KuCoin is a blockchain asset exchange that is distinguished for adopting unique and promising altcoins in the cryptocurrency market. The platform has a wide range of digital currencies with a rewarding user-loyalty system based on its inherent cryptocurrency.
Because of its excellent reputation, KuCoin once again demonstrated its reliability by listing another decentralized protocol called Tron TRX.
Starting today, TRX is available on KuCoin’s platform on supported pairs like TRX/BTC and TRX/ETH.
Tron is a blockchain-based decentralized platform that strives to build an open, global digital content entertainment system with distributed storage technology, and permits easy and cost-effective sharing of digital content.
Tron was established in September 2017 by a Singapore based non-profit organization, the Tron Foundation. It is directed by CEO Justin Sun and has a dedicated in-house development team that includes notable technology stalwarts.
By utilizing the features of the blockchain and peer-to-peer (P2P) network technology, Tron attempts to bridge the gap between content producers and content consumers by eliminating the middleman. The result is an overall cost reduction for the consumer and developed collection through direct receipts for the content producer, which contributes a win-win condition.
The Tron network utilizes its own cryptocurrency called Tronix (TRX). One can purchase Tronix on exchanges like Liqui and Binance by trading them for other cryptocurrencies like ETH or BTC. Purchase with fiat currencies is not probable at present. It can be stored on wallets that sustain the Ethereum blockchain like MyEtherWallet.
Tronix can be employed by content users to pay for the content they want to access. These coins would then go to the content creators’ accounts, where they can be traded to other cryptocurrencies or can be utilized to pay for blockchain services.
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!