South Korea’s Upbit and Bithumb Launch New KRW Markets for BIGTIME, JTO, and ETHFI

• Upbit launches BIGTIME KRW trading with waived withdrawal fees for 24 hours, starting September 5 at 18:00 PM.
• Bithumb introduces JTO and ETHFI KRW markets with safety restrictions to stabilize early trading and protect users.
• JTO uses Solana’s MEV for liquidity staking, while ETHFI offers non-custodial staking with unique token rewards.

South Korea’s leading cryptocurrency exchanges, Upbit and Bithumb, have both announced the launch of new Korean Won (KRW) trading markets. Upbit introduced the BIGTIME KRW trading market, while Bithumb unveiled two new markets: JTO KRW and ETHFI KRW. These developments are part of the exchanges’ efforts to offer diverse trading options for users and enhance the local crypto market.

Upbit Launches BIGTIME KRW Market

Upbit, the largest cryptocurrency exchange in South Korea, announced the launch of the BIGTIME KRW trading market. According to an official statement from Upbit, the network transaction support for the BIGTIME KRW pair on Ethereum is set to begin at 18:00 PM on September 5. 

Notably, Upbit has also mentioned that withdrawal fees for BIGTIME will be waived for approximately 24 hours following the announcement. After this period, standard fees will apply. This move allows traders to explore new digital assets with reduced transaction costs initially.

BIGTIME is a free-to-play, multiplayer role-playing action game that aims to create a user-focused game economy within the blockchain space. With its inclusion on Upbit, BIGTIME gains more exposure in the South Korean market, potentially attracting gamers and investors interested in blockchain-based games.

Bithumb Expands with JTO and ETHFI KRW Markets

Meanwhile, Bithumb, the second-largest cryptocurrency exchange in South Korea, has launched two new KRW trading markets for Jito (JTO) and ETHFI. The exchange announced that deposits and withdrawals for JTO would begin at 2:00 PM on September 5, with trading set to start at 5:00 PM the same day. For the ETHFI KRW market, deposits and withdrawals are scheduled for 2:00 PM on September 5, and trading will commence at 6:00 PM.

Jito (JTO) is known for its liquidity staking platform utilizing Maximal Extractable Value (MEV) technology on the Solana blockchain. ETHFI, on the other hand, is a non-custodial delegated staking protocol that provides users with Liquid Restaking Tokens (LRT), EigenLayer points, and ETHFI loyalty points. The introduction of these assets on Bithumb highlights the exchange’s commitment to broadening its range of staking options.

Bithumb Implements Trading Restrictions for Safety

To ensure a safe trading environment, Bithumb has put several restrictions in place for the new KRW markets. For the JTO and ETHFI KRW markets, buying orders are restricted for the first five minutes after trading starts. 

Additionally, selling orders will be limited if the price falls below -10% or rises above +100% of the standard price during this time. These measures aim to stabilize the trading environment and prevent drastic price swings that could affect users’ trading experiences.

These recent listings by Upbit and Bithumb reflect an ongoing trend of South Korean exchanges expanding their offerings to accommodate a diverse range of digital assets and enhance the overall trading experience for their users.