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Binance Makes XRP Announcement, Here's What It Is

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Tue, 14/05/2024 - 15:47
Binance Makes XRP Announcement, Here's What It Is
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Binance Futures, the futures trading arm of leading crypto exchange Binance, has announced a major update regarding XRP. 

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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.

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At 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.

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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.

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