Binance Will Support the Red Pulse Phoenix (PHX) Token Migration to Binance Chain
Phoenix (PHX) is both, a platform and a token in cryptocurrency that is created by Red Pulse. As part of its integration with the leading crypto exchange Binance, a significant part of the token will be migrated to Binance native blockchain as well.
The migration is scheduled to begin on the 22nd of May when all the transactions of PHX on Binance will be suspended. There won’t be any trading pairs, no deposits, and no withdrawals. The suspension will begin at 04:00 UTC.
#Binance Will Support the Red Pulse Phoenix ( $PHX ) Token Migration to Binance Chainhttps://t.co/lW69XYHhgE pic.twitter.com/fE30MBk3pG
— Binance (@binance) May 20, 2019
During the two day suspension until 24th May, 04:00 UTC, the PHX tokens will be converted to PHB on a 1:1 basis. Any NEP5 PHX tokens that are deposited, will automatically be converted into BEP PHB tokens.
Impact on the Token
Since the crypto exchange is among the biggest crypto exchanges in the world, PHX integrations and the further migration to the Binance blockchain will help PHX gain a wider audience and help find more buyers of the token.
This two-day long integration of the token into Binance will end with a different set of trading pairs like PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, and PHB/PAX. The earlier trading pairs PHX/BNB, PHX/BTC, and PHX/ETH will be delisted from the exchange and removed.
Binance’s blockchain intends to support decentralized exchanges, and this step shows the early adopters of the chain as Red Pulse Phoenix. This huge step would serve profitably to both Binance and Phoenix as the market moves towards a better time for cryptocurrencies.
The deposits and withdrawals will commence on the exchange before the new PHB trading pairs go live. It will help the exchange in making sure that the integration would go on smoothly. Phoenix’ vision of powering a more efficient crypto ecosystem seems to be coming to fruition with this latest integration.
They are utilizing machine learning, Data science and of course, blockchain technology to make this happen.
PHX on Red Pulse
Red Pulse will continue to support PHX while supporting the new PHB tokens. There would be further integration and changes being made in the coming months to the token and the crypto exchange of the Red Pulse.
After the launch of the PHB, there will be coordinated and well-planned releases that will see the rollout of PHB staking rewards and PHX/PHB conversions.