Binance Futures, the futures trading arm of leading crypto exchange Binance, has announced a major update regarding XRP.
Binance Futures, the futures trading arm of leading crypto exchange Binance, has announced a major update regarding XRP.
Binance Futures announces which starting May 28, 2024 at 6:00 am (UTC), will discontinue support for XRP as a margin asset in Multi-Asset Mode. This decision also affects the TrueUSD (TUSD) stablecoin.
As a result of this decision, the transfer limit for XRP and TUSD in multi-asset mode was 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 in specified ratios in about 24 hours.
In view of this, Binance urges users not to add new futures positions during the May 28 XRP to USDT conversion period to avoid potential losses. Binance says it will not be responsible for any losses from new positions during this period that may occur due to the conversion of funds.
At the time of writing, XRP was down 1% in the last 24 hours to $0.50, reflecting the overall sell-off in the crypto market.
Ripple EVM Sidechain Achieves Major Collaboration
In an important move, EvmosRipple and Peersyst have partnered to develop and improve the XRP Ledger EVM sidechain.
evmOS, a modular and customizable technology stack that comes with a number of features and modules focused on EVM implementation for Cosmos SDK, will be leveraged to further develop and improve the XRP Ledger EVM sidechain, which is currently on Devnet. In a notable addition, evmOS Outposts will improve the interoperability of the XRPL EVM sidechain.
The move brings XRPL to the interchain, connecting its vast community of users, dApps and liquidity to a network of over 90 interconnected chains.
