South Korean exchange Upbit to launch new digital asset IMX exclusively for Ethereum network top-ups, with trading set to commence on July 28, 2023.
IMX offers new opportunities for traders to participate in the crypto market with KRW and Ethereum-based tokens, diversifying portfolios and enhancing trading experience.
Upbit lays out specific restrictions on transactions to ensure secure trading environment and deliver accurate market information to its members. IMX will exclusively support deposits from Ethereum network, indicating Upbits focus on bolstering its Ethereum-based offerings.
The eagerly awaited IMX trading is scheduled to commence on July 28, 2023, at 13:00.
IMXs introduction on Upbit brings exciting opportunities for traders, as it opens up a new realm of possibilities for participating in the crypto market with the Korean Won (KRW) and Ethereum-based tokens.
To ensure a secure trading environment and deliver accurate market information to its members, Upbit has laid out specific restrictions on transactions under certain conditions following the addition of IMX to the market.
Start of Transaction Support: July 28, 2023, 13:00 (Scheduled)
Limit Buy and Sell Orders: Upon the inclusion of IMX, the initial buy order will be restricted to approximately 5 minutes. Moreover, IMX sell orders will be capped at -10% or less of the previous days closing price (941 KRW) of the Upbit BTC market.
Market Price and Pre-Order Limits: Following the addition of IMX, market price and pre-orders will be limited to approximately an hour.
As part of the IMX launch, South Korean cryptocurrency exchange emphasizes its commitment to providing a safe and stable trading environment for its users. The exchange aims to uphold transparency and safeguard the interests of its community by implementing these measures.
IMX will exclusively support deposits from the Ethereum network, indicating Upbit‘s focus on bolstering its Ethereum-based offerings. However, it’s important to note that deposits via other networks, such as Binance Smart Chain (BSC), will not be supported for IMX.
With IMXs inclusion on Upbit, traders can diversify their portfolios and access a wide array of trading opportunities within the KRW market, enhancing their crypto trading experience.
The upcoming launch of IMX marks another milestone in the crypto industry, as it reflects Upbits ongoing efforts to expand its offerings and cater to the growing demand for digital assets.
