Cryptocurrency

Binance announces support for Cardano’s Alonzo hard fork

A smart contract update proposal has been successfully submitted to Cardano’s mainnet, according to a recent announcement made by developer IOG.

Binance, the largest digital asset exchange by trading volumes, has announced that it will support Cardano’s upcoming Alonzo upgrade.

The holders of ADA will temporarily not be able to deposit or withdraw the cryptocurrency. However, trading will not be impacted by the hard fork.

Cardano’s most important upgrade to date, which will make it possible to launch smart contracts on the proof-of-stake blockchain, will officially take place on Sept. 12.

The hard fork will commence at around 21:44 UTC. Binance will resume deposits and withdrawals as soon as the upgrade is considered to be stable.

ADA is currently trading at $2.53 on Binance after a 6% spike.

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