Binance announced its support for Firo’s upcoming hard fork and network upgrade, boosting attention to the privacy-focused token.
A critical announcement regarding Firo, a digital cash initiative that prioritizes privacy, was made by the crypto exchange giant Binance on Thursday. The exchange has disclosed that it is supporting the coin’s hard fork and network upgrade, which has attracted significant attention.
The token was previously known as Zcoin. At the same time, the price of FIRO increased by nearly 3% on the hourly time frame charts after the crypto exchange disclosed its intention to increase the network upgrade and hard fork.
Binance Increases FIRO, Causing Optimism
The crypto exchange will commence preparing for the hard fork and network upgrade of the privacy-focused platform in the near future, as per an official announcement by Binance dated September 12.
The exchange will suspend deposits and withdrawals for the FIRO token at 04:00 UTC on September 16, by this initiative. The crypto exchange clarified that this decision is taking place to guarantee the most ideal user experience.
The hard fork and network upgrade are scheduled at the block height of 958,655, which is approximately 05:00 UTC on September 16. Moreover, the coin community has voted to require tokenomics adjustments in the upgrade to Firo v0.14.14.0.
The block reward distribution will be as follows: 70% Masternodes, 5% Miners, 15% Development Fund, and 10% Community Fund following the upgrade. Detailed information regarding all modifications is provided in Firo’s official announcement.
Crypto market participants are anticipating the project’s price action in the future due to Binance’s ongoing support for its forthcoming developments.
Price of Tokens Increased by 3%.
In the interim, the price of FIRO has increased by nearly 3% over the past 24 hours and is currently trading at $1.12. The coin’s intraday low and high were recorded at $1.07 and $1.14, respectively.
The current price fluctuations are consistent with the broader market trend and Binance’s endorsement of the project’s forthcoming enhancements. Furthermore, there was a minor increase of 7% in the 24-hour trading volume of the coin.
It is important to note that the crypto exchange behemoth’s expansion of cryptocurrency offerings has previously induced a price increase. CoinGape Media recently reported that the price of AERGO experienced a significant increase in response to Binance’s improved offerings.
Crypto market devotees are currently speculating as to whether the impending developments could potentially trigger a rally in the privacy-focused digital cash protocol.
