Binance to enable USDCa withdrawal and deposit on Algorand tomorrow

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Stablecoins
Binance to enable USDCa withdrawal and deposit on Algorand tomorrow

The Algorand blockchain network recently announced to its over 300, 000 subscribers on Twitter that its nodes are back on Binance. Hence, users can start withdrawing and depositing in USDC via the nodes as of tomorrow, 30th November 2022.

Algorand said Binance would enable its USDCa tomorrow 

According to the tweet posted on Algorand’s official page earlier today, the network is glad to be finally back on Binance after about nine months of suspension. The report showed that Binance had initially suspended Algorand nodes on the 8th of March, this year.

Back then, Binance claimed that the Layer 1 solution network, Algorand, was slow in capturing block on-chain updates. Hence, the platform had to temporarily suspend. However, the largest exchange across the globe promised in March to rectify the issue and reinstated the nodes as soon as it can.

As of today, November 29, the Algorand management announced during a meeting that Binance has reinstated the Algorand nodes. However, users can only withdraw and deposit USDC on the node as of tomorrow. While reacting to the announcement, many users tweeted that they were glad they could access the Algorand network on Binance once more. However, Binance was yet to confirm the news at the time of press.

USDC on Algorand is very fast and has cheap transaction fees 

The Algorand network is the first blockchain platform to use the Pure Proof of Stake consensus model. It is widely popular for its cheap transaction fees and extremely fast transaction speed. The network reportedly processes transactions at 4 seconds per transaction.  

Algorand uses a powerful asset standard, ASA, which enables it to swiftly create assets and tokens. These tokens are used by different smart contract protocols that are built on the layer-1 platform. Examples of tokens built using the ASA standard were the USDC on the Algorand node (USDCa). 

Furthermore, due to the fast and cheap transaction fees that the ASA offers, users of USDC tend to enjoy better and quality transaction services via the USDCa on Binance. Also, the Algorand network has not experienced any downtime or hard fork since its mainnet was launched about three years ago. These reasons made the platform earn the trust of its users for years and that’s the more reason they are glad to have it back on Binance.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.