The Binance exchange announced today that it has created ONT-33D, a new crypto that has been pegged to the Ontology token but is based on the Binance Chain, the proprietary blockchain of the exchange founded by Changpeng Zhao. In addition, the crypto will be listed on Binance DEX.
ONT-33D is a BEP2 token pegged 1 to 1 to ONT. Binance will create 1.5 million of these tokens to be put on the market and then will release more depending on demand, explained in the press release released today.
Binance DEX will, therefore, be the first platform to offer these ONT-based tokens on a decentralized exchange, giving users total control over their assets because, like all DEXs, they do not retain users’ private keys.
To use ONT-33D on the DEX it is necessary to download the Trust Wallet app, available on both iOS and Android.
Binance DEX was first introduced in August 2019 and is currently exchanging around $400,000 a day, not very significant volumes in general, but they are interesting for a DEX given that platforms like IDEX trade similar figures despite being in the market for longer.
The development of Ontology beyond Binance
Ontology had recently released a report for the period December 2019 – March 2020, revealing that it held tokens worth $258 million.
The #Ontology Foundation is pleased to release its latest Financial Report, which covers expenditures & assets under management from Dec 2019 to Mar 2020. By Mar 31, the total assets managed by the Foundation were valued at approx. US $258,251,842. More👇: https://t.co/x2dmo6gG4N
— Ontology (@OntologyNetwork) April 16, 2020
A few days ago, Ontology also announced a partnership with Digital Chamber, an association that also includes companies such as Deloitte, IBM, Microsoft and Accenture.
This partnership, explained on Medium, would aim to increase education and therefore the adoption in the world of blockchain technology.
Among other things, Ontology is related to Filecoin, one of the largest ICOs in 2017, whose aim is to exchange and store files through the ONT token.