Bitbns, one of India’s largest crypto exchanges, announced that it has become the first exchange in the country to list popular Metaverse Token ‘TRACE’ on its platform. Belonging to the Trace Network Labs, the TRACE is a widely popular metaverse token used for accessorizing Digital Avatars. While it empowers network users with governance control over the protocol, it also provides better exposure to the world of NFTs expanding metaverse in the country.
With this listing, Bitbns has further expanded its collection of 400+ supported cryptocurrencies. The latest addition comes after successfully listing several other popular metaverse tokens, including Alien World, RFOX, and DEAPcoin.
The token also carries other utilities in community incentivization to reward network participants through various incentives, including staking and farming. The token is the fuel of the network and ecosystem and is used for multiple transactions besides participation in protocol operations. TRACE tokens will also be used as a base token fuel to mint and acquire NFTs and to settle minted NFTs over Trace’s network and ecosystem.
The native, interoperable utility token of the Trace Network is available for trading and staking in the pair of TRACE/INR.
Trace Network is a decentralized protocol enabling a lifestyle for any multichain metaverse. It builds technologies that aims to transform the way people access any metaverse or metaverse assets. It allows people to become metaverse residents by creating their real-looking ‘Digital-Twins’, also known as ‘Digital Avatars’ and empowers them to roam freely across multiple virtual worlds in different blockchain networks.
It also enables lifestyle for these avatars in metaverses powered by NFTs and digital fashion. It envisions itself as the de-facto gateway for lifestyle brands to launch their new sets of limited-edition lifestyle & fashion products exclusively for the real-looking avatars. It thus aims to facilitate fashion brands to build an experiential ecosystem that encompasses building virtual stores with their exclusive digital merchandise on display.
Trace Network Labs is backed by investors such as AU21 Capital, NGC Ventures, OKex Blockchain ventures, LD Capital, Moonrock Capital, Moonwhale, and DAO maker, among others.
Commenting on the listing Gaurav Dahake, CEO, Bitbns, says, “At Bitbns, we have always looked forward to offering unique propositions to customers. With a seamless convergence of virtual reality (VR), AI, and augmented reality (AR), the Metaverse is taking the world by storm, especially in terms of offering unlimited opportunities to its users. With the addition of TRACE on Bitbns, we have broadened the metaverse offering on our platform. We are excited to allow our users to explore real-looking avatars and use them in another metaverse world. We are also exploring ways our users can mint their Avatars from within the platform.”
Speaking on this occasion, Lokesh Rao, Co-Founder & CEO, Trace Network Labs, said, “We are happy to have our token TRACE listed on BitBNS. Being an Indian-founded project, this listing will boost the nascent Metaverse & NFT industry in the country and provide the Indian users access to a Meta-token in the sovereign currency.”
Bitbns has become a synonym for its unique and versatile offerings to its customers. Recently, Bitbns listed the popular NFT Metaverse token ‘Alien Worlds’ on its platform. With the listing of TRACE, Bitbns is broadening the horizon of the rapidly expanding metaverse in the country.
About TRACE Tokens
TRACE is the governance token for Trace Network Labs that empowers network users with governance control over the protocol. The token also carries further utilities in community incentivization for rewarding the network participants through various incentivization mechanisms from time to time including staking and farming. The token is the fuel of the network and ecosystem to be used for various transactions & participation in protocol operations. TRACE tokens will also be used as a base token fuel to mint & acquire NFTs, and for the settlement of minted NFTs over Trace’s network and ecosystem.Trace Network will abide by this and explore into the unknown for the better, along with Indian crypto exchange BitBNS.
Bitbns is India’s most versatile exchange. With over 4 million users, it is today a one-stop shop for a diverse suite of crypto-based products and services. With varied products such as Bitdroplet, SIP in bitcoin, FIP which is fixed deposit for crypto, the exchange caters to a wide variety of audiences inclusive of traders and long-term mature investors among others. The exchange also offers advanced trading capabilities like margin trading which can be leveraged by sophisticated traders and automated trading options through API for users. Bitbns has Bitbns Quick Swap which offers over 400 cryptocurrencies which can be traded – the highest in India. Founded in 2017, Bitbns is the fastest and easiest way to buy & sell Bitcoin (BTC) at lowest trading fee.