Binance to Support the NEM (XEM) Network Upgrade

Binance, the world-renowned exchange, recently announced that it would support the upcoming NEM (XEM) network hard fork and upgrade. The NEM network will release the upgrade after the XEM mainnet reaches the block height of 3,464,800 or on 18th November at 18:00 UTC.

The network will suspend its withdrawals and deposits from 18th November at 17:00 UTC. After Binance announced its support for the upgrade, many NEM users looked for a Binance review to know more about it.

The exchange released a post on its official website, sharing crucial information about the upgrade. The post reassures users that the upgrade will not affect the XEM’s trading. It also shares detail about the block height along with an estimated downtime.

The latest upgrade will not release any new tokens, and the network will reopen deposits and withdrawals after stabilizing the operations. Users will receive an additional notification when the NEM (XEM) network is prepared to resume its services.

It will be the seventh hard fork for NEM, and the network is calling it Harlock. The hard fork will bring voting rights to network nodes for every crucial decision regarding the NEM network. For example, it includes the decision to become a dedicated Symbol subChain.

NEM launched the Symbol blockchain in March 2021, and now the network is trying to become its subChain. The latest upgrade will allow nodes to vote on whether the NEM network should merge with Symbol as a subChain. 

Despite being a newer entrant in the blockchain industry, Symbol is showing immense potential. Thus, NEM’s decision to join the network as a subChain seems reasonable. However, whether it will happen or not completely depends on the network nodes’ decision.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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