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FTX Signs Deal With Tron to Let Users Swap Certain Tokens Including TRX, Sun

Cointime Official

FTX is enabling its customers to withdraw their funds, but only if they buy certain tokens from the Tron network.

The collapsing crypto exchange FTX announced today that it has reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets. This functionality will be enabled at 18:30 UTC, November 10, 2022.

The exact capacity of the Tron Token facility will be determined weekly and future injections will occur at 14:00 UTC. The amount to be deposited will depend on a number of factors such as withdrawal demand and funding capacity to be provided by Tron.

As part of this agreement, FTX will be disabling Tron deposits for all users during this period. The only deposits will be the pre-announced deposits conducted weekly by the Tron Team. Initially, $13,000,000 of assets will be deployed to facilitate such swaps. Information on future capital injections will be shared on a weekly basis.

"We hope this is just step one: beginning to find ways to bring liquidity to users," FTX CEO Sam Bankman-Fried said on Twitter, "That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can."

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