South Korean crypto exchange Upbit recently revealed plans to support Ethereum L2 Taiko with three new trading pairs: BTC, USDT, and KRW.
Upbit, a South Korean cryptocurrency trading company, recently revealed plans to support Ethereum L2 Taiko, as the firm released today, June 5. Upbit gained additional popularity as the announcement took effect.
Notably, the South Korean cryptocurrency exchange announced plans to support three new trading pairs for Taiko. Here’s a closer look at the official announcement.
Upbit to offer market support in BTC, USDT, and KRW trading pairs
As part of its support for Ethereum L2, Upbit will introduce three new trading pairs: Bitcoin (TAIKO/BTC), Tether (TAIKO/USDT), and South Korean Won (TAIKO/KRW). This diverse range of trading pairs, which will be available for trading after 22:00 Korean Time (KST) (GMT+9) on June 5, offers Upbit users a variety of options to engage with Taiko crypto.
Upbit has outlined some important trading rules and restrictions regarding listing. “All TAIKO deposits made before the price is listed on Coinmarketcap, after deposit support starts, or before Upbit TAIKO transaction support starts, regardless of price, will have to undergo travel rule verification,” the firm said. ”
Additionally, Upbit will implement a buy limit and lowest sell limit once trading support begins, according to the announcement. These measures are designed to ensure a fair and secure trading environment for all consumers.
Buy orders are limited to approximately 5 minutes after the start of trading support. Sell orders with a base price of -10% or less are also limited for the same period.
Meanwhile, the firm added, “Market pricing and pre-order transactions will be limited to approximately 1 hour after support.”
Additionally, Upbit warned users not to use networks other than TAIKO-Taiko and TAIKO-Ethereum for withdrawal and deposit, as this may cause disruption and delay in the process. Nevertheless, the L2 protocol has gained significant traction with Buterin’s contribution and the weight of the aforementioned potentially optimistic history.
Taiko’s mainnet launch magnetizing support?
In the interim, a recent report from itscryptobasic,Media suggests that Taiko thanked Buterin during the launch on the Ethereum Mainnet. This comes after Vitalik proposed an inaugural block on Ethereum, further boosting the protocol.
Upbit’s plan to increase support is largely in line with this trend, indicating the firm’s aim to capitalize on the opportunity to expand its user base with this rapidly gaining traction crypto.