Cryptocurrency Exchange

WazirX Lends Support to the Steem Hard Fork

WazirX, the globally renowned cryptocurrency exchange in India, has announced the news about the platform supporting the highly anticipated forthcoming STEEM hard fork. The exchange through an official Twitter post conveyed that it shall distribute the new HIVE tokens to all the investors holding STEEM tokens on the exchange network.

According to the official news, the Hive blockchain is likely to get launched on March 20, 2020, at 7:30 PM IST. A snapshot of the STEEM tokens owned by the holders will be taken during the penultimate Steem block before the above-mentioned deadline.

WazirX will distribute the HIVE tokens to the owners in a 1:1 ratio, i.e., 1 STEEM will be considered equivalent to 1 HIVE token. The trading of STEEM will not face any hassle at the time of the hard fork infusion. STEEM is listed under the Rapid Listing Initiative, so WazirX has not yet enabled deposits and withdrawals for STEEM.

As part of the initiative, the users of WazirX will get their rewards through the airdrop within  20 days of Binance giving away HIVE tokens airdrop to its customers. Binance shall execute the airdrop only when the forked blockchain becomes secure and stable.

Key Points To Remember        

-The accounts having less than 1 STEEM token will not get the HIVE token.

-WazirX will list HIVE only after Binance approves its listing on its network.

-The exchange will provide a HIVE wallet to its customers to credit the airdropped funds.

-Withdrawals shall not be allowed.

-It will facilitate a smooth off-chain transfer between the wallets of both the parties.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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