- Crypto exchange Bithumb will list Paycoin on its KRW market, beginning deposits on July 15, 2024.
- This listing brings substantial liquidity to Paycoin due to Bithumb’s prominence in the South Korean market.
- South Korea’s potential delay of crypto tax by three years further boosts investor confidence.
Discover how Bithumb’s Paycoin listing and South Korea’s tax delay could reshape the crypto landscape, offering new investment opportunities and market dynamics.
Bithumb to List Paycoin on KRW Market: Key Details
Bithumb, one of South Korea’s leading cryptocurrency exchanges, has officially announced the listing of Paycoin (PCI) on its Korean Won (KRW) market. The exchange will open deposits for Paycoin on July 15, 2024, between 5:00 PM and 6:00 PM KST. However, trading and withdrawals will be postponed to accommodate an asset key change, with updates to be provided by Bithumb through subsequent notices.
Implications for Paycoin’s Liquidity
Paycoin’s inclusion in the KRW market is poised to significantly enhance its liquidity due to Bithumb’s extensive user base and trading volume. The initial trading price of Paycoin will be pegged at 166 won. Given Bithumb’s status as a premier crypto trading platform in South Korea, this move is expected to attract considerable investor interest, driving up trading volume and potentially stabilizing the asset’s market position.
South Korean Government’s Crypto Tax Delay: A Catalyst for Growth
Adding to the positive outlook, the South Korean government is contemplating a three-year postponement of its planned cryptocurrency tax regulations. This delay has injected a fresh wave of optimism into the market, likely contributing to the recent 25% surge in Paycoin’s price, which has risen to $0.16. The policy shift is expected to provide a more favorable trading environment, encouraging both retail and institutional investors to participate more actively in the cryptocurrency market.
Paycoin’s Unique Offerings
Paycoin distinguishes itself by enabling real-world applications of digital assets. Through its platform, users can launch various products and services, facilitating faster settlements and reduced transaction fees for merchants. This blockchain-based payment solution connects users and merchants directly, streamlining transactions through smart contracts and virtual assets. Launched in 2019 in South Korea, Paycoin has already secured partnerships with over 100,000 merchants, including notable brands like Domino’s, KFC, and 7-Eleven.
Bithumb’s Strategic Listings
This announcement follows Bithumb’s recent listing of TAIKO, an Ethereum Layer-2 project backed by Vitalik Buterin. These strategic listings indicate Bithumb’s commitment to expanding its portfolio with promising cryptocurrencies, thereby enhancing its market offerings and providing diversified investment opportunities for its users.
Conclusion
The upcoming listing of Paycoin on Bithumb’s KRW market, combined with the South Korean government’s favorable stance on delaying crypto tax implementation, creates a conducive environment for Paycoin’s growth and market penetration. Investors are likely to witness increased liquidity and broader adoption of Paycoin, reinforcing its position in the cryptocurrency market. This period marks a significant opportunity for traders and investors looking to capitalize on these developments as the crypto landscape continues to evolve.
