The latest movement of funds continues the growing relationship between the two powerhouse crypto groups.
$180M Moved to Binance from Tron DAO
A cryptocurrency account on Tron DAO transferred $180 million USDC stablecoin from Tron DAO to Binance on January 21.
The latest movement of funds from Tron DAO to Binance comes just a few weeks removed from when Tron DAO founder Justin Sun made his own funds transfer of $100M to Binance. The total of $280M, over one-quarter billion dollars, continues to back up the words spoken by Sun in late December, where he wanted to show his confidence in the relationship between Binance and Tron.
“I remember in 2017 when they had a 7,000 bitcoin hack. And at that time, I realized I always want to play the role to help [sic] Binance grow and show confidence to their business,” Sun told CoinDesk’s Cristina Lee in December.
There is no confirmation from either Sun or Tron DAO about the usage of the moved funds. Some blockchain data appears to show that the funds were used to purchase some bitcoin.
The relationship with Binance and Tron Network continues to grow stronger. The network recently integrated the Binance pegged BUSD stablecoin and JustLEND, the largest lending protocol, and just surpassed $38M in Total Volume Locked (TVL).
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
What is TRON Network:
Tron is an open-source blockchain-based decentralized digital platform with its own cryptocurrency, called Tronix or TRX. Established in 2014 by Justin Sun and founded in 2017 by a Singapore non-profit organization, Tron Foundation aims to host a global entertainment system for the cost-effective sharing of digital content.
Where to find TRON Network:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.