On June 5, South Korean cryptocurrency trading giant Upbit announced its support for the Ethereum Layer 2 platform Taiko.
The cryptocurrency trading giant Upbit, which is based in South Korea, has recently disclosed that it intends to provide support for the Ethereum L2 Taiko, as stated in an official statement that was issued by the company today, June 5. Upbit’s recent announcement has significantly contributed to Taiko’s increasing popularity.
Vitalik Buterin proposed Taiko’s first block during its recent launch on the Ethereum Mainnet. Particularly noteworthy is the fact that the cryptocurrency exchange in South Korea has declared its intention to support three additional trading pairs for Taiko.
Upbit To Offer Market Support In BTC, USDT, KRW Trading Pairs
We present a more in-depth examination of the formal announcement here.Bitcoin (TAIKO/BTC), Tether (TAIKO/USDT), and South Korean Won (TAIKO/KRW) are the three new trading pairs that Upbit will introduce as part of its support for the Ethereum L2 platform. This wide choice of trading pairs, which will be available for trade on June 5 after 22:00 Korean time (KST) (GMT+9), provides Upbit users with a number of different opportunities to interact with the Taiko cryptocurrency.
In relation to the listing, Upbit has provided an overview of a number of significant trading rules and restrictions. The company wrote in a statement that they will require all TAIKO deposits, regardless of price, to undergo travel rule verification after deposit support begins or before Upbit TAIKO transaction support starts.
Furthermore, the release states that Upbit will implement buy restrictions and lowest sale limitations once it has established trading support. Upbit intends to implement these measures to foster an equitable and secure trading environment for all users.
The restriction on buy orders occurs approximately five minutes after the start of trade support. Additionally, we restrict sell orders with a base price of ten percent or less for the same amount of time. The company announced that it will restrict the market price and pre-order for approximately one hour following transaction support.
Additionally, they warned users that they should avoid using networks other than TAIKO-Taiko and TAIKO-Ethereum while making withdrawals and deposits because doing so could potentially slow down the process and cause significant delays.
However, with Buterin’s assistance and the previously described potentially optimistic story, the L2 procedure has gained significant traction within the scientific community. In the meantime, Taiko conveyed its appreciation to Buterin during the launch of its Ethereum Mainnet platform.
Vitalik has submitted the first block on Ethereum, which will further strengthen the protocol. This comes after he proposed the block.Upbit’s goal to extend support primarily aligns with this phenomenon, highlighting the company’s willingness to capitalize on the potential that amplifies its userbase with this cryptocurrency that is gaining acceptance at a quick pace.