Cryptocurrency exchange Binance has announced it will support the upcoming Steem hard fork initiated by the Hive.io team and will distribute the new HIVE token to users holding STEEM.
The decision to implement a hard fork was made right after TRON's founder Justin Sun acquired a blockchain-based blogging web platform Steemit Inc. and reportedly received 20% of the current supply.
The hard fork is expected to take place at 2020/03/20 2:00 PM (UTC).
The exchange says it will take a snapshot of all STEEM tokens held by Binance users at the time of the fina Steem block prior to 2020/03/20 2:00 PM (UTC) and will distribute HIVE tokens at a ratio of 1 STEEM = 1 HIVE.
"STEEM deposits and withdrawals will be suspended starting from 2020/03/20 1:30 PM (UTC) and will reopen after the hard fork is complete. Please note that trading of STEEM will not be affected during the hard fork," the exchange said in a statement.
Previously iHodl reported that Binance launched a $ 50 million fund in India to support local blockchain startups.
The so-called "Blockchain for India" project was implemented jointly with the WazirX Indian platform, which Binance bought in November last year.
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