The closure of the Token Pocket exchange was announced over the weekend. The platform, which was created as a multi-crypto wallet and token swap service, was launched primarily for users of the EOS blockchain.
As stated in the press release, the service will finish its operations next weekend, i.e. on May 15th, 2020 and hence no more trading activities will be possible.
How to withdraw funds from Token Pocket
As a result of this closure, users will have several options for their assets:
- The first method is to automatically synchronize all assets in the Token Pocket cloud wallet, which means the users simply need to log into their wallets and transfer their funds;
- The second option is to withdraw all the assets and transfer them into another wallet.
In the post, the team also recalls that this closure will not affect the other services offered by Token Pocket, such as the decentralized wallet and the token swap service that are disconnected from the exchange.
This closure will not entail losses for the users of the platform and will not cause any disruption, considering that the assets can be withdrawn without problems; moreover, the wallet will continue to operate and act as a bridge with the various dApps (decentralized applications), as this type of wallet only requires logging in and allows to automatically connect to an EOS account.
Token Pocket for managing BTC
Furthermore, this platform also has its native token, TPT, and recently 25% of their funds, about 17936 EOS, had been used to buy and burn them; the team has also added the ability to manage bitcoin (BTC) through a custom UTXO and an OP_RETURN, which is a function that allows storing information on the bitcoin blockchain.