The Hooked Protocol (HOOK) altcoin, which made its debut on the crypto exchange Binance a short time ago, provided a significant increase in its price with its latest move.
According to the official statement made by the developers, 100 million HOOK tokens, which are the share of the altcoin team, will be transferred and locked to a new formation called Binance Custody, for the first time. The cryptocurrency team described the development in its official statement as follows:
“Public Service Announcement:
As part of our collaboration with Binance, we will be transferring team’s allocation of HOOK token (100 million HOOK tokens) to Binance Custody.
These tokens will remain locked, with fixed release schedule: 1 year cliff + 60 month linear release.”
This kind of development has rarely been done by Binance before. However, it seems that the cryptocurrency exchange may switch to a similar business model to its rival Coinbase-owned Coinbase Custody.
As it is known, Binance CEO Changpeng Zhao has signaled that he will be tougher against his competitors, saying that he will no longer talk about rival companies as before, instead of talking about rival companies. The HOOK altcoin experienced a sudden increase in value after the latest development and at the time of this writing, it was trading around 20% higher than in the last 24 hours.