Binance, a prominent cryptocurrency exchange, has unveiled its decision to temporarily halt the processing of deposits and withdrawals involving TOMO tokens on its platform and payment channels. This suspension has been initiated to facilitate the comprehensive rebranding initiatives of the TomoChain project, which is poised for a substantial transformation.
TomoChain Transitions to Viction: A New Beginning
On November 1, TomoChain, a blockchain project with a five-year history, unveiled its plans to rebrand itself as “Viction.” This rebranding initiative includes changing the project’s ticker symbol, which will transition from TOMO to VIC to align with its new identity.
Binance’s decision to pause TOMO transactions supporting the rebrand will take effect on November 2023 at 03:33 (UTC). Users are expected to have ample time to complete any pending TOMO transactions before the suspension comes into effect.
Resumption of Trading Activities Await Rebrand Completion
Binance has also indicated that it will provide a separate announcement regarding the resumption of TOMO trading activities. This resumption will occur once the Viction project has successfully completed its rebranding process.
The Viction team has emphasized that the rebranding is a pivotal step in their journey of progress and innovation within the ever-evolving blockchain market. Significantly, they have clarified that the changes are primarily symbolic in nature, and no technical adjustments to existing smart contracts, tokenomics, or token supply will be made.
Viction (VIC) Sees Positive Market Movement
The rebranding announcement has had a notable impact on Viction (VIC). In the past 24 hours, VIC has experienced a 3.77% gain, with its price reaching $1.36 at the time of this report. This positive market movement is mirrored by a significant increase in trade volume, which has surged by over 113% in the same period. As of now, Viction holds a market cap of $131 million and is positioned as the 191st-ranked cryptocurrency network.