Upbit Exchange to List PENDLE Won and BTC Trading Pairs; PENDLE Rises 40%
South Korea's biggest crypto exchange announced its trading support for Pendle causing the value of the altcoin to rise by 40%.
The addition of Pendle to the South Korean exchange clearly drove both price and volume growth, leading some crypto enthusiasts to suspect that Upbit’s notice was a deliberate marketing strategy.
South Korea’s largest crypto exchange, Upbit, announced that it will list the PENDLE won and BTC trading pairs on its platform according to a notice on its service center’s page.
The notice read, “On August 6, 2024, PENDLE will be added to the KRW and BTC market on Upbit. Listing for PENDLE is planned on the Ethereum network on KRW and BTC trading pairs. Be sure to check the network before depositing digital assets.”
The report added that Upbit will not support deposits and withdrawals via networks other than those specified and it will list the trading pairs, programmed to start at 18:00 on August 6, exclusively on the Ethereum network.
Users who wish to make deposits or withdrawals of PENDLE/KRW and PENDLE/BTC can gain access two hours after the update.
PENDLE Sees Significant Price Appreciation, Up By 40%
Pendle is a decentralized finance (DeFi) protocol that gives users access to buy, sell, and manage tokenized future yields.
In the hours following Upbit’s announcement the value of the protocol’s native token, Pendle, surged by 40%.
Data on CoinMarketCap revealed that the token reached an intraday high of $2.98. However, at the time of this report, Pendle was selling at $2.73.
Pendle’s current trading volume skyrocketed by over 179.08% to $411,735,609. The addition of Pendle to the South Korean exchange clearly drove both price and volume growth, leading some crypto enthusiasts to suspect that Upbit’s notice was a deliberate marketing strategy.
Pendle’s value has dropped from its historical peak, after reaching an all-time high of $7.50 on April 11, 2024, and fluctuating between $1.85 and $3.84 in the past week.
South Korea to Review 600 Tokens on Local Exchanges
South Korea’s crypto sector is gaining traction, with Upbit’s announcement highlighting the country’s forward momentum, while regulatory oversight ensures a secure and compliant environment.
In a recent report, South Korean financial authorities revealed their plan to conduct a review of the listings of around 600 cryptocurrencies on local exchanges in compliance with the Virtual Asset User Protection Act.
The authorities have reached out to 29 crypto exchanges, including Upbit, Bithumb, Coinone, Cobit, and GOPAX, requesting them to review the crypto assets listed for trading on their various platforms
