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ONT-Pegged Asset Added to Binance Chain Providing an Alternative for Trading Major Cryptocurrency

Ontology Gas | 04.21| 94

We are pleased to announce that ONT-33D, a crypto asset pegged to Ontology (ONT) tokens, has been issued on Binance Chain, a bespoke blockchain network for crypto transactions developed by Binance and community developers. As part of the announcement, Binance has also announced plans to list the ONT-33D asset on Binance DEX, the decentralized exchange feature developed on top of the Binance Chain.

Andy Ji, Co-founder of Ontology, said, “Today’s announcement continues the groundswell of momentum we have been experiencing at Ontology so far in 2020. The issuance of ONT-33D on Binance Chain is a firm seal of approval for the ONT token from one of the world’s most revered blockchain companies and digital asset exchanges. This move underscores our ambition to play a central role in the ongoing deployment of digital assets on a global stage, and we look forward to leveraging the burgeoning Binance ecosystem to extend the reach of ONT to new swathes of proficient traders.”

Binance has also announced plans to make ONT-33D, the BEP2 token backed by ONT with 1:1 correlation, available for trading on Binance DEX. Binance will issue an initial tranche of approximately 1.5 million ONT-pegged tradable tokens on Binance DEX, with additional tokens expected to be added periodically in line with market demands.

Launched in April 2019, Binance DEX has quickly ascended as a leading global decentralized exchange, emerging as the venue of choice for a growing number of quality assets and traders. Binance DEX is the first platform that offers ONT users access to decentralized trading services, allowing them to trade ONT while having full control over their assets, expanding the use cases of ONT and broadening token liquidity. Earlier this month, UK-based online banking platform Cashaa announced a fiat gateway for BEP2 tokens on Binance Chain, meaning BEP2 tokens can be converted into all legal tender.

Powered by the Ontology Token (ONT), the distributed collaboration platform allows businesses to enjoy the benefits of smart contracts and tokenization while retaining control of their sensitive data. Ontology supports all ERC-20 tokens and in-dApp stablecoins, with a node staking feature expected to be integrated with the Binance DEX. This will provide further DEX services for ONT users and enable them to maintain complete control over their assets while contributing to essential ecosystem governance processes.

About Ontology

Ontology is a high-performance public blockchain and distributed collaboration platform. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.

About Binance Chain

Binance Chain is a blockchain software system initially developed by Binance and the community. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance.

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ONT-Pegged Asset Added to Binance Chain Providing an Alternative for Trading Major Cryptocurrency was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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