Bithumb, a leading South Korean crypto exchange, has announced a temporary suspension of Enjin Coin (ENJ) deposits and withdrawals due to a planned mainnet upgrade.
Reasons for ENJ Suspension on Bithumb
The primary reason for this temporary suspension is the upcoming mainnet upgrade of the Enjin Network. Such upgrades are essential for enhancing performance, security, and introducing new features. Crypto exchanges like Bithumb suspend certain services during significant network upgrades to ensure the safety of user funds.
What is Enjin Coin (ENJ) and the Enjin Network
Enjin Coin (ENJ) is the native cryptocurrency of the Enjin Network, a leading ecosystem for NFTs, with a focus on games and metaverse applications. ENJ is used to back NFT value within the Enjin ecosystem, serves as a platform currency, and can grant users certain rights within the Enjin community.
Impact of Suspension on Bithumb Users
Bithumb users holding or trading ENJ should note the temporary suspension of deposits and withdrawals starting February 24th, 06:00 UTC. Trading is likely to remain available. For accurate information, users are advised to monitor Bithumb's official announcements.
The temporary suspension of ENJ on Bithumb highlights the dynamic nature of cryptocurrency exchanges and the importance of users staying informed about upcoming changes. Network upgrades are necessary for the growth and advancement of blockchain technologies.
