It’s been an exciting year in crypto, with new protocols and networks emerging and growing. One of them, Algorand, recently launched this year and is the first open source, permissionless, pure proof-of-stake blockchain protocol. The native token, Algo, is new to the market and we’re excited to introduce it on the PIT to traders for the first time.
In honor of adding Algo, we’re kicking off a trading contest for all PIT traders. Now’s the chance to flex your trading muscles and win some money while you’re at it. The contest officially starts on Wednesday, December 4th at 9:00 am GMT until December, 10th at 19:00 pm GMT.
Here’s how it works:
- Anyone with a balance of $100 USD Algos in their account by Wednesday, December 4th at 9:00 am GMT will automatically be entered to win $1,000 USD worth of Algos. You can either deposit Algos directly or purchase them on The PIT.
- Anyone that trades over $1,000 USD of Algos will be automatically entered to win $10,000 USD worth of Algos.
- The user with the highest overall trading volume in Algos will win $15,000 USD worth of Algos.
Trading of Algo is available across USD and BTC pairs. So sign up, get in the PIT and get ready to get your hands on some free Algos!
New to Algo? Here’s what you need to know:
We’re excited to be early supporters of the Algorand Foundation and fully integrate Algorand across all of our products including Blockchain Wallet, Blockchain Explorer, and Blockchain Markets. Our first focus is creating a fair and liquid market for trading Algos on our exchange, The PIT. Institutional clients, can also borrow Algos from our lending desk as well. Early next year, we will also be integrating Algo tokens into the Blockchain Wallet making Algos usable to our global user base of 45 million wallets. Lastly, we’ll be providing support for Algorand Standard Assets (ASAs), which make it possible for the tokenization and issuance of any type of asset on the Algorand blockchain, in a standardized way.
The Algorand platform was designed by Turing Award-winning cryptographer Silvio Micali, to promote open participation, security, scalability, and performance within a network that is decentralized by design. Algorand has also recently released Algorand 2.0, a protocol upgrade that significantly expands the range of decentralized applications and processes that can be built on Algorand. All of the new features are built directly into Layer-1 providing the key benefits of speed, scalability, and finality.
You must be a verified PIT user to participate in the contest. Contest begins on Wednesday, December 4 at 9:00 am GMT and concludes on Tuesday, December 10 at 19:00 pm GMT. Prizes will be given in Algos, unless the winner is from one of the following jurisdictions, in which case prizes will be issued by the Algorand Foundation in an alternative token or currency: United States of America and its territories, Canada, Democratic People’s Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People’s Republic of China, and jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.