Binance revealed today that due to the rebranding carried out by the project team, it will temporarily stop the storage and withdrawal of TOMO on its platform and payment channels.
In fact, TomoChain announced on November 1 that it would change its name to Viction.Therefore, the project code will also change from TOMO to Vic Symbolizes the newly adopted name.
According to today’s announcement, Binance will suspend deposits and withdrawals to support the team’s rebranding.
It is worth noting that the suspension will take effect at 03:33 (UTC) in November 2023, by which time users are expected to have their TOMO transactions fully processed.
In addition, the cryptocurrency exchange said it will separately announce when users can resume trading activities. According to the announcement, this will occur after the project completes its rebranding.
Viction said the rebranding plan is a major change in the company’s journey of progress and innovation. The project, which launched five years ago, said the plans underscore its dedication to the ever-changing blockchain market.
However, the team has clarified that these changes are purely symbolic. Therefore, the migration from TOMO to VIC will not involve any technical adjustments to smart contracts, the token economic system, or the existing token supply.
Turning to CoinMarketCap, data shows that VIC has risen significantly in the past 24 hours. Importantly, at the time of writing, the coin is up another 3.77% to $1.36.
Likewise, trading volume increased by more than 113% in the past 24 hours. Currently, the coin has a market capitalization of $131 million, ranking 191st in the cryptocurrency network.
General Bitcoin News.