Upbit to Launch Wormhole (W) Trading Pairs: Here are the Details

Upbit to Launch Wormhole (W) Trading Pairs with KRW, BTC, and USDT

South Korea's largest digital asset exchange, Upbit, has announced the launch of trading pairs for Wormhole (W), a prominent cross-chain bridge protocol within the Solana ecosystem. The new trading pairs – KRW, BTC, and USDT – will be available starting at 19:00 UTC on October 2.

Upbit Introduces Wormhole (W) Trading Pairs

Wormhole, known for its message-passing capabilities that connect various blockchains, will now be supported on Upbit. The announcement detailed that deposits and withdrawals for Wormhole (W) via the Solana network will be enabled within three hours of the notice. The exchange emphasized the importance of ensuring the correct network is used for deposits to avoid any processing delays or potential non-returnable deposits.

To comply with regulatory requirements, deposits from exchanges not listed as eligible virtual asset operators will undergo a separate reflection review. This may cause delays in deposit reflections and potential refund processing times. Additionally, deposits and withdrawals are restricted to personal wallet addresses with verified ownership.

Important Transaction and Deposit Guidelines

Upbit has set specific restrictions on trading activities for Wormhole (W) to ensure market stability. Buy orders will be restricted for approximately five minutes after trading begins, while sell orders priced less than 10% below the previous day's closing price will also face restrictions for the same period. Furthermore, market and reservation orders will be restricted for the first hour following the commencement of trading.

The exchange provided a detailed pricing overview on October 2, with Wormhole (W) priced at 418.27 KRW, 0.00000513 BTC, and 0.312141 USDT. These figures are based on data from CoinMarketCap.

Upbit has also advised users to be cautious with deposits, particularly those involving large amounts of digital assets of unclear origin. Additionally, users may be required to provide proof of the source of funds.

Wormhole serves as a governance and staking token within its ecosystem, leveraging the Guardian Network for off-chain message delivery and verification. Its integration into Upbit's platform is expected to enhance the trading experience for users and provide new opportunities for engaging with the Solana ecosystem.

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