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Major Exchange in the Philippines Halts XRP Withdrawals

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  • What – Coins.ph, a leading cryptocurrency trading exchange based in the Philippines, has temporarily suspended XRP withdrawals due to technical issues.
  • Why – The company announced the suspension through a tweet, stating that it is working closely with its technical team to resolve the issue as soon as possible. 
  • What Next – The news has created concern among the platform’s users, who have been inquiring about their unreceived deposits and inability to work on platforms like Binance.

Coins.ph has reassured its customers that their XRP holdings are safe and that they can still buy, sell, and trade the cryptocurrency on its platform. The company has also stated that the suspension will remain in place until further notice. 

Notably, it is not the first time that the company has had to suspend withdrawals. In January 2021, Coins.ph temporarily halted withdrawals for the XRP and Ethereum (ETH) cryptocurrencies due to a significant increase in transaction volumes.

XRP is a popular cryptocurrency among investors and traders due to its fast transaction speeds and low fees. It is currently the seventh-largest cryptocurrency by market capitalization, with a market cap of over $80 billion. Interestingly, despite the temporary suspension, XRP remains a popular investment option in the Philippines.

Meanwhile, XRP has released a statement in preparation for the upcoming Shapella network upgrade on the Ethereum Mainnet. The statement informs users of an upcoming one-hour maintenance period that will affect the ability to send and receive ETH and ERC-20 tokens using Coins.ph wallets. The maintenance period is scheduled for April 13, 2023, between 5:00 AM and 6:00 AM (PHT).

During the maintenance period, users will be unable to transfer any ETH and ERC-20 tokens using their Coins.ph wallets. Furthermore, incoming transfers to Coins.ph wallets will not be credited until after the maintenance period is over. However, this maintenance period is important to ensure the smooth and uninterrupted operation of the Coins.ph platform following the Shapella network upgrade.

The Shapella network upgrade is a significant development for the Ethereum blockchain, as it will introduce several new features and improvements. These include new transaction types, increased scalability, and reduced transaction fees. The upgrade is expected to improve the overall performance of the Ethereum network and make it more accessible to developers and users.

In addition to the Shapella network upgrade, the Ethereum blockchain is also expected to undergo a transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism. The transition is intended to reduce the energy consumption and environmental impact of the Ethereum network while maintaining its security and performance.

The XRP community in the Philippines has expressed disappointment at the news of the withdrawal halt. However, many remain optimistic that the issue will be resolved soon and that XRP will continue to be a popular investment option in the country. The temporary suspension of withdrawals is a reminder of the potential risks and challenges associated with investing in cryptocurrencies.

Coins. ph’s temporary suspension of XRP withdrawals highlights cryptocurrency exchanges’ challenges in maintaining their platforms’ stability and security. Having said that, the exchange’s quick response and reassurance to its customers show its commitment to resolving issues promptly. Despite the temporary suspension, XRP remains a popular investment option in the Philippines, and many in the XRP community remain optimistic about its future.

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