South Korea’s largest crypto exchange, Upbit, has listed Internet Computer (ICP) with new trading pairs against the Korean won, triggering a sharp rally that pushed the token more than 20% higher within hours of the announcement.
The listing, revealed on March 11, introduces three markets for the token: KRW, Bitcoin (BTC), and Tether (USDT). The move gives Korean traders direct fiat access to ICP for the first time through a major domestic exchange.
Shortly after the announcement, ICP jumped from an intraday low of about $2.40 to roughly $2.90, reflecting renewed demand from one of the most active retail crypto markets in the world.
Market Support Update – Internet Computer(ICP)
✅ Supported Markets: KRW, BTC, USDT Market
📅 Trading opens at: 2026-03-11 17:00 KST estimated🔗Discover more:https://t.co/dua1moLvZh#Upbit #ICP@DFINITYDev pic.twitter.com/ykvfEfEnEM
— Upbit Korea (@Official_Upbit) March 11, 2026
Upbit accounts for a significant portion of trading activity in South Korea and is estimated to handle roughly 70% of the country’s crypto exchange volume. Historically, listings on the platform have sparked rapid inflows and short-term price spikes for newly supported tokens.
Korean retail liquidity opens a new market channel
One of the biggest catalysts behind the surge is the addition of the Korean won pair. By allowing traders to buy ICP directly with fiat, the listing removes the need for stablecoin conversions, making it easier for local investors to enter the market. Similar listings in the past have triggered intraday gains ranging from modest single-digit increases to rallies exceeding 50%, though many of those moves tend to cool off within days.
Upbit also implemented its standard listing safeguards to reduce extreme volatility at launch. Deposits were enabled roughly 90 minutes after the announcement, with trading scheduled to begin at 17:00 KST.
During the opening phase, buy orders were blocked for the first five minutes, while sell orders more than 10% below the previous day’s closing price were temporarily restricted.
ICP’s network model and global expansion
Beyond the listing momentum, ICP’s broader ecosystem developments have also drawn attention. The project, developed by the DFINITY Foundation, runs on a blockchain designed to host decentralized applications and internet services directly on-chain. Its economic model links network usage to token demand by burning ICP as compute fees are paid on the network.
DFINITY has also launched an initiative known as “Mission 70,” a strategic effort to reduce ICP token inflation by 70% by the end of 2026. The plan, sometimes referred to as the 80/20 Cloud Engine, focuses on redistributing ecosystem revenue while increasing token burns through high-demand services, including artificial intelligence infrastructure built on the network.
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