Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Binance Futures, the futures trading arm of leading crypto exchange Binance, has announced a major update regarding XRP.
Binance Futures announces that starting from May 28, 2024, at 6:00 a.m. (UTC), it will discontinue support for XRP as a margin asset in the Multi-Assets Mode. This decision also affects TrueUSD (TUSD) stablecoin.
As a result of this decision, the transfer-in limit for XRP and TUSD in the Multi-Assets Mode has been updated to zero.
After May 28, Binance says any remaining XRP and TUSD balances in USD-M Futures wallets will be automatically converted to USDT at specified ratios within approximately 24 hours.
In light of this, Binance urges users not to add any new futures positions during the conversion period on May 28 for XRP to USDT to avoid any potential losses. Binance says it will not be liable for any losses for new positions during this period that may occur due to the conversion of funds.
Tomiwabold OlajideAt the time of writing, XRP was down 1% in the last 24 hours to $0.50, mirroring the general sell-off on the crypto market.
Ripple EVM sidechain lands major collaboration
In a major move, Evmos, Ripple and Peersyst have teamed up to develop and improve the XRP Ledger EVM sidechain.
evmOS, a modular and customizable tech stack that comes with a host of features and modules centered around the EVM implementation for Cosmos SDK, will be leveraged to further develop and enhance the XRP Ledger EVM sidechain, which is currently in Devnet. In a remarkable addition, evmOS Outposts will enhance the interoperability of the XRPL EVM sidechain.
The move brings XRPL to the interchain, which connects its vast community of users, dApps and liquidity to a network of over 90 interconnected chains.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin