Crypto Exchange Binance To Launch New Trading Pairs And Enable Trading Bots On May 8

Published: May 07, 2024 at 4:44 am Updated: May 07, 2024 at 4:44 am

Edited and fact-checked:
May 07, 2024 at 4:44 am

In Brief

Binance will introduce EGLD-TRY, PHB-TRY, and RSR-TRY trading pairs and trading bot on its spot platform, commencing from May 8th.

Cryptocurrency exchange Binance revealed its plans to introduce additional trading pairs and trading bot services on its Binance spot platform, commencing from May 8th. Trading activities for EGLD-TRY, PHB-TRY, and RSR-TRY trading pairs will commence at 08:00 UTC. Concurrently, trading bot services for these pairs will also become available at the specified time.

TRY denotes the Turkish lira, which serves as Turkey’s official currency and does not represent the ticker symbol for any other digital assets currently in existence.

TRY trading pair will be enabled with EGLD, which serves as the native cryptocurrency of MultiversX–a public blockchain platform for Metaverse, decentralized finance (DeFi), and Web3-focused applications. It is characterized by scalable infrastructure, support for non-fungible tokens (NFTs), and utilizes the EGLD token for key network operations.

Additionally, another trading pair will be enabled between TRY and PHB, the native cryptocurrency of Phoenix Global–a network that operates on the Binance Smart Chain (BSC), providing a platform for consumer-focused decentralized applications (dApps). Its primary objective is to harness blockchain technology to enhance consumer experiences and facilitate consumer-oriented businesses.

Trading pair involving TRY will also be enabled with RSR, the utility token of the Reserve Protocol which operates as a stablecoin platform built on the Ethereum network. It implements a dual token model consisting of the RSR utility token and the RSV stablecoin, which is backed by a basket of assets serving as collateral.

A Binance trading bot functions as a software solution designed to automate trading activities on the Binance platform based on predetermined criteria.

Binance Recently Stopped Support For BIDR Products And Services

Binance is the largest cryptocurrency exchange in terms of trading volume, catering to over 185 million users spanning across 180 countries worldwide. It focuses on altcoin trading, providing a platform for trading in more than 350 cryptocurrencies and virtual tokens.

Recently, Binance announced that it plans to cease support for all BinanceIDR (BIDR) products and services. Users are advised to exchange their BIDR assets for alternative options provided on the Binance platform or convert them into different cryptocurrencies using Binance Convert prior to August 20th.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson