Wednesday, February 28, 2024

    Upbit Enables Korean Won Trading Market for Ethereum

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    Every cryptocurrency in existence today is always looking to generate more liquidity. This means currencies need to get added to additional trading platforms moving forward. Ethereum has been incredibly successful in this regard over the past few years. Upbit, one of the biggest exchanges in South Korea, has added a KRW/ETH pair. This is a major development for the second-largest cryptocurrency by market cap in the world today.

    There is no shortage when it comes to cryptocurrency trading platforms which support Ethereum. More specifically, it seems every exchange in the world has an ETH trading pair right now. Especially in Asia, there seems to be a growing interest in this altcoin. Not just by speculators or traders, mind you, but also by trading platforms themselves. Multiple South Korean companies have added Ethereum to their list of currencies in the past few months. Upbit is one of the last ones to do exactly that.

    Upbit Banks on ETH/KRW to pay off

    It is unclear what took the company so long to complete this step. After all, competing South Korean exchanges have enabled ETH trading ages ago. This was a smart move, as the trading pair always generates a lot of trading volume. Upbit is looking to get in on this market, even though they took their sweet time in doing so. Then again, with Korea’s largest exchange finally on board, things will get pretty interesting. Whether or not this will result in an ETH price increase, remains to be determined.

    So far, this new trading market hasn’t generated any spectacular volume. It is not better or worse compared to other exchanges, which is to be expected. Then again, more fiat currency gateways for Ethereum can only be considered to be a good thing. After an initial uptrend, it seems the price has returned to normal. Bringing this value in line with other exchanges is only to be expected.

    It is also worth mentioning there are a ton of other Ethereum markets on Upbit. Bitcoin, as well as any other supported cryptocurrency, can be traded against Ether right now. It is good to see secondary and even tertiary markets on Upbit right now. The company has high hopes for all supported currencies, by the look of things. Whether or not they can compete with Bithumb and Coinone in the ETH/KRW department, remains to be determined. Still, a worthwhile addition and one that spells positive news for Ethereum moving forward.

    Header image courtesy of Shutterstock

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