KuCoin has announced the completion of its MainNet Token swap. According to the official information released by the exchange, the One Ledger (OLT) swap has been complete now which essentially means that investors can now go ahead with deposit and withdrawal as services have been resumed.
We are happy to announce that #KuCoin has been the first exchange to complete the MainNet token swap of One Ledger (OLT)! The deposit and withdrawal services are now open. @OneLedgerTech
Welcome to deposit $OLT to https://t.co/gKg1MyqaZu!
Details: https://t.co/Ns0PI8U9sk pic.twitter.com/kIlmzki4Tv
— KUCOIN (@kucoincom) May 13, 2020
Official Release
Providing more information in this regard, the company has informed the users that they need to obtain a new MainNet wallet address in order to go ahead with the deposit/withdrawal process. The new address will start with “Olt…” and the company will continue to support the deposition of OLT tokens made by investors to the original addresses of the ETH. However, the depositors who have deposited the OLT on the KuCoin will automatically get their investment swap into MainNet OLT. The exchange has also announced that one must not withdraw the OLT token to ERC20; otherwise, assets will be lost forever.
Conclusion
This is an important development and expected to increase the number of investors on the exchange. This completion will strengthen the credibility and reputation of exchange among the prospective investors which bodes well for its future. It will be interesting to witness how much benefit this new development brings to the exchange and whether the exchange will be able to leverage this new completion to attract more investors from around the world.
