diff --git a/RELEASE-NOTES b/RELEASE-NOTES
index b43baa13..0497be6d 100644
--- a/RELEASE-NOTES
+++ b/RELEASE-NOTES
@@ -1,3 +1,10 @@
+# Release 2.7.16
+  * add Testnet support (fix #541)
+  * allow daemon to be launched in the foreground (fix #1873)
+  * Qt: use separate tabs for addresses and UTXOs
+  * Qt: update fee slider with a network callback
+  * Ledger: new ui and mobile 2fa validation (neocogent)
+
 # Release 2.7.15
   * Use fee slider for both static and dynamic fees.
   * Add fee slider to RBF dialog (fix #2083).
diff --git a/lib/version.py b/lib/version.py
index d2aff727..cf4367b6 100644
--- a/lib/version.py
+++ b/lib/version.py
@@ -1,4 +1,4 @@
-ELECTRUM_VERSION = '2.7.15' # version of the client package
+ELECTRUM_VERSION = '2.7.16' # version of the client package
 PROTOCOL_VERSION = '0.10'   # protocol version requested
 
 # The hash of the mnemonic seed must begin with this