South Korea’s leading digital asset exchange, Upbit, has expanded its trading offerings by adding support for Ondo Finance (ONDO) in the KRW, BTC, and USDT markets.
The announcement today, June 14, detailed the timelines and procedures for the new trading options. Deposits and withdrawals for ONDO tokens on the Ethereum network are now open. Trading will commence later in the day, with the USDT market opening at 3:00 PM, the BTC market at 4:00 PM, and the KRW market at 5:00 PM local time.
The exchange noted that it had imposed temporary trading restrictions to maintain market stability and prevent manipulation, including market price and pre-order restrictions for the first hour of trading. It also noted that all deposits must be made to verified personal wallet addresses, and large transactions from unidentified sources will face additional review processes.
Ondo Finance is known for tokenizing real-world financial assets through blockchain technology. The ONDO token is primarily used for governance within the Ondo ecosystem. The project also includes USDY, a token backed by US short-term bonds and bank deposits for institutional and retail investors, and OUSG, a token based on short-term US bonds for qualified institutions.
This development appears to be Upbit’s broader strategy to enhance its platform and offer its users a wider range of assets. According to a recent report, Upbit leads all other local exchanges in providing crypto-staking services to local users. The exchange’s services, which cover various cryptocurrencies, including Ethereum and Solana, have over 3 trillion won ($2.1 billion) assets in its portfolio.
Notably, this expansion and emphasis on staking services come amid regulatory changes and technological disruptions. Recently, Upbit had to suspend large crypto transactions due to issues with the Ten&Ten service, a key facilitator for deposits and withdrawals. Moreover, the South Korean government is set to implement the new regulatory framework for cryptocurrency services on July 18, 2024. The new regulation, the Virtual Asset User Protection Act (VAUPA), will introduce tighter controls and increased security measures for token listings on centralized exchanges like Upbit.
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