Binance, the leading global cryptocurrency exchange by trading volume and users, has announced its support for Algorand v2.0.2 upgrade.
Algorand, a decentralised blockchain network, is planning to upgrade to version 2.0.2.
— Binance (@binance) December 13, 2019
The network upgrade will boost the amount of time for nodes to upgrade to new consensus versions. However, this would take place after voting thresholds are complete, as previously announced on December 13.
The protocol upgrade will provide the foundation for the next wave of decentralised financial applications, directly in Layer-1 for improved performance and security.
The upgrade is scheduled for 10:00 AM ET, December 16; Algorand v2.0.2 will take place at block 3,705,466. At press time, there are 3,704,219 blocks on the Algorand blockchain, according to AlgoExplorer.io.
In addition to the upgrade window change, Algorand v2.0.2 also provides some improvements for Algorand Standard Assets. This a tool for asset digitization as well as minor bug fixes.
Binance suspends ALGO deposits and withdrawals
Binance has also announced via a blog post that the exchange is suspending Algorand (ALGO) token deposits and withdrawals. This move take place before the ALGO network block height of 3,705,466.
Binance added that trading ALGO will not be affected during the upgrade, noting that the exchange will reopen ALGO deposits and withdrawals once it deems the upgraded network stable.
The upgrade follows a major protocol improvement that took place on November 21. The Algorand 2.0 upgrade enabled new tools for decentralised applications and was completed six months after the main net launch in June 2019.
Notably, Binance is still progressing on its mission to provide crypto service to individuals around the world. Thus, recently it announced that it had formed a partnership with peer-to-peer crypto trading giant Paxful.
The partnership will boost bitcoin adoption, bringing the cryptocurrency to the masses. Binance users via Paxful platform will be able to buy bitcoin with about ten different fiat currencies. For instance, the Russian Ruble (RUB), the Vietnamese Dong (VND), the Indonesian Rupiah (IDR), the Nigerian Naira (NGN), amongst others.