- Upbit, a prominent South Korean crypto exchange, has announced its intention to support Ethereum Layer 2 solution Taiko.
- Upbit will introduce new trading pairs for Taiko involving Bitcoin (BTC), Tether (USDT), and South Korean Won (KRW).
- Taiko has gained increased attention after Ethereum co-founder Vitalik Buterin’s involvement.
Upbit expands its market with new TAIOKO trading pairs—BTC, USDT, and KRW—leveraging the recent interest in Ethereum L2.
Upbit’s Incorporation of Taiko Trading Pairs
Upbit is set to expand its market offerings by including three new trading pairs for the Ethereum Layer 2 solution, Taiko. Commencing from June 5th at 22:00 Korean time (KST), users will be able to engage in trades involving Bitcoin (TAIKO/BTC), Tether (TAIKO/USDT), and South Korean Won (TAIKO/KRW). This strategic move aims to capitalize on the growing interest in Taiko, especially after Ethereum co-founder Vitalik Buterin’s recent contributions to the protocol.
Regulatory Measures for a Secure Trading Environment
To ensure a secure trading ecosystem, Upbit has implemented several measures. The platform announced that all TAIKO deposits made before the commencement of trading support will undergo verification according to travel rules. This applies irrespective of the current price or when deposits were made. Furthermore, the exchange will enforce certain buy and sell limits once trading begins. Specifically, buy orders will be limited for the first 5 minutes, and sell orders at a base price of 10% lower will be also restricted for the same duration.
Vitalik Buterin’s Influence on Taiko’s Popularity
Taiko’s integration into the Ethereum Mainnet has benefited from the endorsement of Vitalik Buterin, who notably proposed the first block for the protocol. This significant gesture has lent credibility and increased attention to Taiko. In response, platforms like Upbit are keen to incorporate this rapidly growing crypto into their offerings, thereby enhancing their user base and market engagement.
Operational Caveats for Users
Users are advised to adhere strictly to the network protocols specified by Upbit to avoid transactional delays. The exchange explicitly cautions against using networks other than TAIKO-Taiko and TAIKO-Ethereum for withdrawals and deposits. These operational guidelines are essential for maintaining trading efficiency and preventing potential disruptions.
Conclusion
The introduction of Taiko trading pairs on Upbit highlights the exchange’s proactive approach to tapping into the growing interest in Ethereum Layer 2 solutions. By incorporating BTC, USDT, and KRW trading pairs, Upbit not only broadens its market scope but also offers users diversified options for engaging with the Taiko ecosystem. As Taiko continues to grow with the support of key figures like Vitalik Buterin, Upbit’s strategic moves are poised to attract more users and enhance trading experiences.
