The world’s largest cryptocurrency exchange by trading volume, Binance, has announced support for RIF tokens.
RSK Infrastructure Framework (RIF) will join the multitude of cryptocurrencies already supported by the cryptocurrency exchange. Binance made this announcement in an official blog post published on its website.
According to the post, trading RSK Infrastructure Framework (RIF) commenced on January 7, 2021. Trading pairs supported include RIF/BTC and RIF/USDT. The deposit feature for the trading pairs was first activated, so that interested persons could deposit RIF before trading commenced proper.
Details of the Listing
The listing of RSK Infrastructure Framework (RIF) by Binance is a great feat as RIF will have access to Binance’s vast multitude of customers. This is definitely a step in the right direction to achieving global mainstream adoption for RIF. Since the listing is quite still early, there are a few important points users should take note of before investing.
For one, deposits will require at least 500 block confirmations before funds are transferred. This is estimated to take about four and a half hours (4.5 hours). The time required to complete and verify transactions, although long, was recommended by the RIF team.
About RSK Infrastructure Framework (RIF)
Built on the Bitcoin network, RIF is an array of decentralized infrastructure protocols. RIF is designed to facilitate seamless, scalable, and fast development of distributed applications, popularly known as dApps. These dApps are also usually developed within a unified environment. RIF, simply put, is a single, easy-to-use decentralized technology infrastructure providing dApp developers with access to a myriad of services. Its protocols facilitate faster deployment of dApps and also hope to provide decentralized technologies with much-need awareness and subsequent mass adoption.
The listing of RSK Infrastructure Framework (RIF) on Binance is a huge feat for the infrastructure platform. In a note to users, Binance urges them to tread with caution when trading the newly listed RIF token. This is majorly due to the risk of high volatility known to plague newly listed tokens.
At the time of publication, RIF token was trading at $0.171341, with a market cap of $116,724,272 and a 24-hour trading volume of $12,584,920.
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