Upbit Extends Support To Ethereum L2 Taiko, Here’s All
Upbit, the South Korean cryptocurrency trading giant, has recently revealed plans to support the Ethereum L2 Taiko, as per an official statement released by the firm today, June 5. Recently launched on the Ethereum Mainnet with Vitalik Buterin proposing its first block, Taiko has gained additional popularity with Upbit’s announcement coming into play.
Notably, the South Korean cryptocurrency exchange announced plans to support three new trading pairs for Taiko. Here’s a closer look into the official announcement.
Upbit To Offer Market Support In BTC, USDT, & KRW Trading Pairs
As part of its support for the 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 the Taiko crypto.
Upbit has outlined some important trading rules and restrictions regarding the listing. The firm stated, “All TAIKO deposits made before the price is listed on Coinmarketcap, after deposit support begins, or before Upbit TAIKO transaction support starts, will have to undergo travel rule verification regardless of price.” Additionally, Upbit will implement buy limits and lowest sell limits after trading support begins, as per the announcement. These measures are designed to ensure a fair and secure trading environment for all users.
Buy orders are limited for about 5 minutes after the beginning of trading support. Sell orders with a base price of -10 % or less are also restricted for the same duration.
Meanwhile, the firm added, “Market price and pre-order will be restricted for about 1 hour after transaction support.”
Moreover, Upbit cautioned users not to use networks other than TAIKO-Taiko and TAIKO-Ethereum for withdrawals and deposits, as this may hamper the process and cause delays. Nonetheless, the L2 protocol has gained significant traction with Buterin’s aid and the abovementioned potentially optimistic chronicle weighing in.
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Taiko’s Mainnet Launch Magnetizing Support?
In the interim, a recent report by CoinGape Media showed that Taiko expressed gratitude to Buterin during its launch on Ethereum Mainnet. This comes after Vitalik proposed the inaugural block on Ethereum, further boosting the protocol.
Upbit’s plan to extend support primarily falls in line with this phenomenon, underscoring the firm’s motive to capitalize on the opportunity that amplifies its userbase with this rapidly traction-gaining crypto.
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