Storj Labs, the leader in decentralized cloud storage, today announced Poloniex, a leading digital asset exchange, will enable trading for STORJ, the company’s ERC20 token. This listing will provide STORJ token holders with the ability to trade assets on one of the largest exchanges by volume and give them access to powerful tools and analytics Poloniex offers to its users.
“As one of the top platforms for trading utility tokens, Poloniex’s listing of our STORJ token is great for our community,” said John Quinn, cofounder and chief revenue officer at Storj Labs. “Our team continues to build relationships with the top exchanges to ensure our community has many options for liquidity. As we continue to form new partnerships with innovators who are leveraging Storj as their preferred platform, a wide variety of liquidity options ensures companies who are using our utility token can be successful.”
With some estimates showing just 10 percent of tokens in use after their respective token sales, Storj Labs’ STORJ token listing on many of the major exchanges, including Poloniex, Bittrex, Liqui, Changelly and others, sets it apart from other post-token sale companies. With a mature technology, a strong leadership team and growing community, Storj is poised to disrupt the enterprise storage market.
Storj Labs provides its users with secure, encrypted storage services across its decentralized cloud storage platform, which currently stores more than 5PB of total data. Storj users can trade STORJ tokens as payment for services they purchase on the network through ethereum smart contracts. Storj Labs uses these payments to compensate the Farmers who operate 50,000 nodes across the globe, sharing their spare hard drive space on the Storj network.
To begin trading STORJ on Poloniex, users must visit the website and setup an account. Current Poloniex users who still hold SJCX, the deprecated Counterparty token previously issued by Storj Labs, will need to convert their SJCX to the new STORJ ERC20 tokens before they can begin trading. SJCX tokens that are currently in Poloniex accounts will not convert to the new STORJ tokens automatically.
The SJCX token is no longer usable on the Storj platform and can be converted with an online token converter from Storj Labs. The deadline to convert is November 29, at which point the converter will be taken offline.