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Binance has announced its 15th project on Binance Launchpool, i.e., BTCST (Bitcoin Standard Hashrate Token).
On Twitter, Zhao himself informed about BTCST on January 9. BTCST is atoken that is collateralized by Bitcoin hashrate.
Tokenizing #bitcoin hashrate on #BinanceSmartChain, and providing instantliquidity and price discovery for mining on both #BSC and @Binance.
CZ Binance (cz_binance) January 9, 2021.<br>
Binance Launch pool’s first project of 2021 aims to offer exchange grade liquidity to Bitcoin mining. Binance Launch pool has allocated 40,000 BTCST, which is 4.00% of the initial circulating supply. According to the announcement of the Binance team, BTCST is collateralized by 0.1 TH/s.Here, investors will have an option to stake BNB, Binance USD, and BTC tokens into different pools. The users will receive daily Bitcoin distributions by betting BTCST.
An efficient market among Bitcoin miners will be created by BTCST, where market participants can freely enter and exit Bitcoin mining at any time.One thing to be noted is that BTCST can only be issued when miners choose to tokenize Bitcoin hashrate, and no public or private sale events will be hosted by the project.
It can be seen that Bitcoin was chosen as a Crypto of choice by the users entering the digital asset market, which helped in increasing the price to all-time highs.The focus of the project is to add new users to stake BTCST on Binance Smart Chain by providing educational videos about the mining industry, reaching out to traders to highlight the concept of leveraged Bitcoin tokens, working with mining pools and miners.
The feature that differentiates BTCST and the other projects are that a user will get BTC in return after staking the project token.
The project has aimed to grow in the future by expanding its community in the markets of Japan, Southeast Asia, and Korea, by attaining more press coverage, and by increasing social media presence across all channels.