Bitfinex adds fiat pairs to Tron (TRX)

Three fiat currencies will be now tradeable with the aforementioned digital asset

Major cryptocurrency exchange Bitfinex has recently announced the addition of three fiat trading pairs for Tron (TRX). Users of the platform can now trade their TRX assets for the Japanese Yen (JPY), British Pound (GBP) and Euros (EUR). The announcement was made via the exchange’s official Twitter account and their blog.

“Today we are pleased to announce the addition of a number of new fiat trading pairs for Tron (TRX). Specifically, we have added the following markets: TRX/JPY; TRX/GBP; TRX/EUR” states the post in their blog.

According to the exchange – which is the 10 largest digital assets exchange by reported volume, as per CoinMarketCap – the new additions are part of their comprehensive expansion of their portfolio, in order to “accommodate for a growing global trading market” and boost engagement with various monetary markets worldwide.

Tron and Bitfinex

Tron was one of the seven tokens added for trading against Bitcoin (BTC), Ethereum (ETH) and the U.S. Dollar (USD) early this year. This supposed a huge milestone for the Tron network, as it would mean more liquidity for the project.

Later, on April, Bitfinex announced the migration of the – at the time – ERC20-based TRX tokens deposited in the exchange to the public TRX blockchain, ahead of the release of Tron’s mainnet, which was scheduled for launch on June 21. The process took three weeks to complete and in July 11, all tokens were fully migrated. Users of the platform had to create new deposit address to ensure that future withdrawals were sent to wallets of the Mainnet.

Market reaction

Following the announcement of the added trading pairs, the TRX saw an increase in its market cap, going from about $1.45 billion to as high as $1.54 billion, and its TRX/USD exchange rate climbed from $0.022 to $0.023. Its 24H transaction volume also rose up to $137 million.

At the time of writing, the market capitalization of this crypto asset has fallen to $1.49 billion, and its price per token went back to $ 0.022.

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