Binance Supports For FIRO Hard Fork & Network Upgrade, Price Jumps 3%

On Thursday, September 12, crypto exchange Binance announced that it would be supporting the hard fork and network upgrade for privacy-focused digital cash project Firo. The announcement has led to major buzz in the crypto community with the FIRO price surging by 3% in the past hour.

Binance Jacks Up FIRO Triggering Optimism

According to an official announcement by Binance dated September 12, the crypto exchange will start preparations for supporting the privacy-focused platform’s hard fork and network upgrade shortly ahead. Aligning with this mover, the exchange will halt deposits and withdrawals for the FIRO token starting September 16 at 04:00 UTC. This decision comes as an approach to ensure the best user experience, the crypto exchange clarified.

The hard fork and network upgrade is set to occur at the block height 958,655, or roughly on September 16 at 05:00 UTC. Moreover, as per the coin’s community, the upgrade Firo v0.14.14.0 will mandate tokenomics changes, as voted by the community.

Following the upgrade, the new block reward distribution will be 70% Masternodes, 5% Miners, 15% Development Fund, and 10% Community Fund. Firo’s official announcement offers a detailed view of all the changes.

With Binance’s extension of support to the project’s upcoming advancements, crypto market participants speculate over its price action ahead.

Token Price Jumps 3% Today

Meanwhile, FIRO price gained nearly 3% in the past 24 hours and is currently trading at $1.12. The coin’s intraday low and high were recorded as $1.07 and $1.14, respectively. Today’s pumping price movements fall in line with the broader market trend and Binance’s support for the project’s upcoming upgrades. Moreover, the coin’s 24-hour trading volume surged slightly by 7%.

Notably, the crypto exchange behemoth’s expansion of offerings for cryptocurrencies has previously sparked an upward movement in prices. For context, AERGO price soared with Binance‘s enhanced offerings recently, CoinGape Media reported.

Altogether, crypto market enthusiasts speculate whether the looming developments could ignite a rally in the privacy-focused digital cash protocol ahead.