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Poloniex announces upgrade of XRP wallets to enhance user experience

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Poloniex to enhance user experience by upgrading XRP wallets
Source: Pixabay

Poloniex is planning to upgrade XRP wallets, an upgrade that will result in the suspension of transactions for a short duration of time. This step is deemed important by the exchange for enhancing user experience.

With this upgrade, users will no longer be required to deposit 20 XRP as the base reserve for opening an account. Also, the previous number of confirmations required for deposits have been reduced from 12 to 2. This way, the exchange aims to reduce the existing deposit time from 20 minutes to 15 seconds.

Poloniex shared the news over Twitter,

“On Monday, we will be upgrading our #XRP wallets in order to introduce an enhanced user experience. Trading will be unaffected but deposits and withdrawals will be suspended during maintenance. We expect maintenance to begin around 15:15 UTC and last several hours.”

The announcement also stressed upon the fact that new deposits will be requiring a destination tag for identifying customers’ deposit. This happens as a majority of the exchanges use the same XRP address for all traders.

The significant difference is the destination tag, a short complimentary code, that assigns users’ transaction to specific account. Yet, customers will still be able to deposit coins to a previously-generated deposit addresses without the need of a destination tag. Finally, the users will receive a new destination tag pair.

Recently, Poloniex was in the news after it diversified its range of offerings. By adding new trading pairs to its platform, the exchange aimed at delivering more trading pairs such as XRP/USDC and XRP/USDT to users.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.