Upbit has announced the listing of KAITO, an AI-powered digital asset, for trading against South Korea’s won, Bitcoin, and Tether’s USDT.
The exchange stated that deposits for KAITO would open within two hours of the announcement, making them available by 5:47 AM KST on March 5, with trading set to commence at 3 PM KST the same day. It added that withdrawal fees for KAITO will be waived for the first 24 hours after deposits open, after which standard fees will apply.
Upbit cautioned users to use the correct network for deposits and withdrawals, as only the Base network is supported. It emphasized that transactions on other networks will not be processed.
KAITO is the native token of an AI-based virtual asset data platform designed to create a decentralized information network where value is determined by participants rather than centralized entities. The project aims to establish a fairer and more transparent information distribution system by rewarding users for their contributions. KAITO token serves as the ecosystem’s primary currency, facilitating staking and governance.
Upbit has also reminded investors of the risks associated with digital asset trading, emphasizing the high volatility of cryptocurrency prices due to speculative demand and regulatory changes. The exchange noted that price discrepancies between domestic and international exchanges are common, advising traders to consider global market conditions before investing.
The South Korean exchange also introduced temporary trading restrictions to ensure market stability. For the first five minutes after trading begins, buy orders will be restricted, while sell orders below 90% of the previous day’s closing price will be prohibited. During the first hour, only limit orders will be allowed, with other order types temporarily restricted.
Meanwhile, KAITO’s value has surged 19.7% in the past 24 hours, reaching $1.82 at the time of writing. Its 24-hour trading volume has climbed 108%, hitting $996 million.
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