Binance, the leading cryptocurrency exchange, has at last shed some light on how it will support the redenomination and rebranding process of eCash. The exchange issued an official statement earlier today that indicates the steps the platform will undergo to introduce the currency to its customers.
The official statement announces that, first, it will halt trading and will delist the BCHA/BUSD trading pair next August 2. Immediately after this, the exchange will apply the redenomination and rebranding strategy, distributing eCash (XEC) to all eligible users at a ratio of 1 BCHA = 1,000,000 XEC.
Binance will open trading for eCash pairs Friday August 6, meaning that from then on users will be able to purchase and sell eCash with other currencies inside Binance’s platform. However, depositing and withdrawing XEC will not be supported at that time. Binance stated that a separate announcement will be made concerning deposits and withdrawals of eCash..
Binance had announced its support for eCash’s rebrand and redenomination last month, but it had not released more information to their customers since June. With this addition, most of the top exchanges have now taken action to allow eCash trading in their platforms in the near future.
eCash Gains Momentum
The market around the currency has welcomed this news, as there has been much expectation about how and when Binance would move forward regarding eCash’s introduction to its platform. This has translated to a price hike of about 55% in the last 24 hours, taking eCash to a price of $0.00003509 according to data taken from CoinGecko at the time of publication. Note: All cryptocurrency prices are volatile.
Regardless of price fluctuations, eCash (XEC) has had a great week from a price standpoint, with its price rising almost 75%. If this bullish sentiment continues, eCash performance may keep improving, as more Avalanche features are expected to be added later this year. Some of this, including Avalanche proof support, are already being included in the newest release of the Bitcoin ABC full node software, albeit in an experimental form.