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South Korea-based cryptocurrency exchange Upbit has announced it will add trading support for Internet Computer ($ICP). According to the exchange’s statement, $ICP will be listed on the platform with KRW, $BTC, and $USDT trading pairs.
According to information shared by the exchange, deposit and withdrawal operations for $ICP will begin within 1 hour and 30 minutes of the announcement’s publication. Trading in $ICP is scheduled to begin on March 11th at 5 PM. Officials also stated that the start time may be postponed if sufficient liquidity is not provided.
Upbit also announced that some trading restrictions will apply to new listings. Accordingly, buy orders cannot be placed for approximately the first five minutes after trading support begins.
During the same period, investors will not be able to place sell orders at levels more than 10 percent below the previous day’s closing price. Furthermore, only limit orders will be allowed for the first two hours.
According to the shared data, $ICP’s previous day closing price was recorded at 3.707 KRW in South Korean won, while as of 2:30 PM on March 11, the price was approximately 3.497 KRW. During the same period, the asset traded around 0.000034 $BTC and 2.37 $USDT.
The Internet Computer protocol is known as a decentralized cloud computing platform that aims to create an alternative to traditional cloud infrastructure. The project aims for web applications, databases, APIs, and backend services to run directly on the blockchain.
The $ICP token serves as the native cryptocurrency within the network, used for participation in governance mechanisms, staking, payment of transaction fees, and various use cases within the ecosystem. Upbit’s listing is expected to increase $ICP’s liquidity and reach in the Asian market.
*This is not investment advice.