Tron recently announced the launch of its TRC20-USDT. Alongside Huobi global it announced a bonanza promotion to celebrate Tron’s newest launch.
Tron and Huobi are feeling great apparently. According to a post on the Huobi global website. The bonanza will commence on October 22 at 0.00 to November 1, 2019 at 0.00 (GMT+8).
There will be two stages of promotion.
The first is tagged: Deposit TRC20-USDT, Enjoy 30% APR Rewards. For the first stage, users with Net deposits of at least 100 TRC20-USDT will receive 30% Annualized Interest Rate (APR) rewards. Net deposits simply mean deposits minus withdrawals.
The second promotion entails ranking the top 20 users with a net deposit of at least 100 TRC20-USDT. Qualified users will receive a portion of 320,000 TRC20-USDT. The sharing ratio will be as follows:
1st Place 100,000 TRC20-USDT
2nd Place 60,000 TRC20-USDT
3rd Place 40,000 TRC20-USDT
4th Place 20,000 TRC20-USDT
5th Place 10,000 TRC20-USDT
6th – 20th Place Equal Share of 90,000 TRC20-USDT
Terms and Conditions
Thus, the outcome and final decision of the giveaway solely rests on Huobi. It has the right to disqualify any user suspected or confirmed to be cheating. It is important to note that parents and children’s accounts are considered as a single one.
The bonanza promotion will be calculated the following way: Hourly Interest = Min (Net Deposit USDT holding balance) x 30% Annual Interest Rate ÷ 365days ÷ 24hours.
Importantly, while interest will be affected by holding balance, net deposit rankings will remain the same.
Co-Founder of Tron and CEO of BitTorrent, Justin Sun also confirmed the news via twitter. His tweet reads: “Here comes the answer, @huobiglobal. Deposit #TRC20- #USDT, enjoy APR up to 30%, starting from 00:00, Oct, 22 to 00:00, Nov, 1, 2019(SGT). Also, 20 ppl will share 320,000 TRC20-USDT in the trading competition. What are you waiting for, deposit & enjoy it”.
Users will receive their rewards 2 weeks after the end of the promotion.
TRC20-USDT is issued by Tether and is built on the TRON network. Huobi Global currently supports three forms of USDT. The Omni-USDT, ERC20-USDT and TRC20-USDT.
Partnering with BitGo
It seems like Tron is truly on the rise. Last week, it announced that BitGo, the top crypto custodian, is planning to list TRX.
The blogpost disclosed that BitGo will support Tronix TRX asset in its hot wallet and custody solutions in early November. The announcement also explained that BitGo will provide exchange partners, prime brokers, and futures platforms a “safe and compliant way” to invest in TRX.
This is indeed a huge milestone for TRX adoption. BitGo is a well-known custody provider in the crypto space. This inclusion of TRX is as a result of increasing demand for the crypto on the BitGo platform.
Popular “hype king” and Co-founder of TRON, Justin Sun said on Twitter: “We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.”
Pointing out the use cases for Tron, CTO of BitGo, Benedict Chan added that: “TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.” He further added that his firm worked hand in hand with TRON’s development team. This was to “develop their first multi-signature, institutional-grade wallet”.
BitGo welcomes any financial service provider looking to invest in TRX. Any organization with such an interest should contact BitGo here.
