The chairman of Bitcoin and altcoin exchange Binance announced that it will list Phala Network (PHA). After the announcement of the exchange, the price of the cryptocurrency shot up. PHA is up over 100 percent.
Binance Lists Altcoin Project PHA! The price exceeded 100 percent
Giant bitcoin and cryptocurrency exchange Binance announced that it will list a new altcoin project. The exchange has announced that it will add Phala Network (PHA) to its platform. Binance made the following statement through its official website:
Binance will list Phala Network (PHA) in the Innovation Zone and start trading for PHA/BTC and PHA/BUSD trading pairs on 02/25/2021. Users can now start depositing their PHAs in preparation for trading. The Innovation Zone is a dedicated trading zone where users can buy and sell new, innovative cryptocurrencies that are expected to have higher volatility and higher risk represent than other tokens. Before trading in the Innovation Zone, all users are required to visit the web version of the Innovation Zone trading site to read the Binance Terms of Service carefully and fill out a questionnaire as part of the first disclaimer. Please note that there are no random trading restrictions on trading pairs in the innovation zone. PHA is a relatively new cryptocurrency with a higher risk than usual and is therefore likely to experience high price volatility. Please ensure you practice proper risk management, do your own research on the basics of PHA and fully understand the project before deciding to trade. PHA List Price: 0 BNB.
After the exchange announcement, the price of cryptocurrency surged. PHA gained over 100 percent and climbed above $0.99. At the time of writing, the cryptocurrency is in an uptrend.
What is Phala Network (PHA)?
Phala Network is a confidentiality protocol for information retention and smart blockchain contracts. Phala Network ensures the solid execution of smart contracts while keeping the information implicit. PHA is the platform’s native utility token and is used to pay for robust computing resources, community governance, staking and process pricing.