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Binance has just completed its Tron (TRX) and ICON (ICX) swap on its MainNet, Ethereum World News reported. While the process was a bit delayed, the migration is considered relatively successful with transactions now operational.
As such, deposits and withdrawal are now available on Binance for crypto traders. These traders are expected to reclaim their digital assets and stash them in cold storage as HODLers are apt to do.
The retrieval will decrease the available supply of both cryptocurrencies, effectively increasing their values as traders continue to create demand for them. Put simply, users are increasing the value of the coins by creating scarcity.
The price increase is needed by both TRX and ICX as their value has dropped by 5.66 percent and 9.86 percent, respectively, in the past 24 hours. As of this writing, Tron is currently valued at $0.03, while ICON is trading at $1.42. And with Binance now finished with the migration, Tron and ICON’s value is expected to move upward with the available liquidity helping with the endeavor.
Binance has been making huge waves since its founding in 2017. The crypto exchange company is estimated to bring in $500 million to $1 billion in revenue by the end of the year, an impressive achievement given that the first half of 2018 saw a bearish trend for the overall crypto market.
Binance has been quite supportive of Tron through the whole migration procedure, disclosing last month that not only is it enabling the transition but it would also add a TRX trading against the U.S. dollar.
Meanwhile, the Tron community is already mapping out new functionalities, and according to early reports, everything is running swimmingly. However, there have been some complaints concerning the amount that Binance is charging for a withdrawal fee.
Apart from the Binance swap announcement, two crypto exchanges have also declared the completion of their own Tron migration. Tron is now operational through COINEGG and MAX Exchange as well, giving users of both crypto exchanges the option to trade the cryptocurrency.
