Upbit Announces New Digital Asset Trading Support for UXLINK

Upbit Expands Global Offerings with New UXLINK Token

Upbit, a prominent digital asset exchange renowned for its global reach, has announced a significant expansion of its trading platform. As of September 3rd, Upbit will introduce the UXLINK token (UXLINK), a digital asset designed to enhance transactions and governance within a Web3 social platform.

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UXLINK: A Web3 Solution for Social Platforms

UXLINK is poised to tackle the constraints of traditional social networks by providing a Web3-based solution that prioritizes user control and privacy. This addition reflects Upbit’s commitment to integrating innovative digital assets that support evolving technological paradigms.

Trading Details and Schedule

The UXLINK token will be available for trading across three distinct markets: Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Trading will be supported on the Arbitrum One network. Deposits and withdrawals for UXLINK are set to begin within two hours of the announcement, with trading activities scheduled to start at 22:00 on September 3rd.

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In a bid to encourage early adoption, Upbit will waive all fees related to UXLINK transactions for the first 24 hours following the activation of deposit and withdrawal functions. After this initial period, standard transaction fees will apply.

Trading Restrictions

To maintain market stability, Upbit will impose several trading restrictions upon the launch:

• Buy Limit: Buy orders will be restricted for approximately 5 minutes after trading begins.
• Minimum Sell Price: Sell orders priced below 90% of the previous day’s closing price will face restrictions for around 5 minutes post-launch.
• Market and Reservation Orders: Both market and reservation orders will be restricted for approximately 1 hour following the initiation of trading support.

As of September 3rd at 19:00, UXLINK’s previous day’s closing price stood at 203.28 KRW, with the recent price at 199.89 KRW. The token’s values in BTC and USDT are also provided.

Deposit Guidelines

Depositors are instructed to use only the Arbitrum One network for UXLINK transactions, as other networks will not be supported. Only personal wallet addresses with verified ownership will be accepted. Deposits made through non-listed exchanges may experience delays in reflection. Additionally, large deposits from unclear sources may necessitate proof of origin in accordance with Upbit’s Terms of Use.

Conclusion

Upbit’s integration of the UXLINK token marks a significant advancement in the exchange’s global offerings, highlighting its commitment to incorporating Web3 innovations into digital asset trading. By focusing on user control and privacy, UXLINK aims to redefine social platform interactions. With the initial fee waivers and carefully managed trading restrictions, Upbit ensures a stable and efficient launch for this new digital asset.

Source: coingabbar

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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