South Korean cryptocurrency exchange Upbit has made an exciting announcement, revealing that it will be listing a new altcoin called Wormhole (W). The listing will enable users to trade the altcoin on Upbit’s KRW, BTC, and USDT markets. Trading support for Wormhole will begin at 19:00 on October 2, with users able to deposit the altcoin three hours earlier on the Solana network.
In preparation for the listing, Upbit has implemented temporary trading restrictions to ensure a smooth launch. During the first five minutes of trading, there will be limitations on buy and sell orders. Buy orders will not be processed, and sell orders will not be executed below 10% of the previous day’s closing price. Additionally, market and limit orders will be restricted for one hour after trading begins. The prices for Wormhole will be based on data from CoinMarketCap.
For those unfamiliar with Wormhole, it is a message passing protocol designed to connect different blockchains. It uses a Guardian Network for off-chain message passing and verification. The altcoin, Wormhole (W), serves governance and staking purposes. Developers can also utilize Wormhole Connect, a widget that integrates Wormhole’s functionality into web applications and benefits decentralized exchanges.
As always, it is important to note that this information is not investment advice.