- Upbit lists WAL trading pairs, boosting Walrus’s liquidity and expanding its reach in South Korea’s dynamic crypto market.
- Walrus secures $140M funding, leveraging ties to Sui’s team to enhance credibility and attract strong investor interest.
- Upbit wins a court injunction, temporarily lifting restrictions on new clients amid ongoing regulatory challenges in South Korea.
WAL trading pairs in KRW, BTC, and USDT have been added by Upbit, the biggest cryptocurrency exchange in South Korea according to Wu Blockchain. This development boosts Walrus, a blockchain storage protocol designed for decentralized data management.
Walrus recently secured $140 million in funding and shares its development team with Sui, a well-regarded blockchain project. Consequently, Upbit’s listing is expected to increase trading volume and enhance WAL’s liquidity.
Walrus Gains Momentum with Upbit Listing
For blockchain apps, Walrus offers decentralized storage options. When compared to conventional storage techniques, this technology improves security, efficiency, and dependability. Besides, its connection to the Sui development team adds credibility, attracting investor interest. Consequently, WAL’s market presence is set to expand, potentially driving its price upward.
However, trading support will roll out gradually. Upbit requires sufficient liquidity before full activation. Additionally, WAL deposits must occur through the Sui network. Incorrect deposits could result in verification delays, especially for large transactions exceeding $1 million.
Regulatory Hurdles and Upbit’s Court Victory
Upbit recently faced regulatory challenges. The Financial Intelligence Unit (FIU) of South Korea suspended new client transactions for three months on February 25. Regulations pertaining to unregistered virtual asset service providers (VASPs) were allegedly broken by the exchange. Upbit’s capacity to onboard new clients was hindered by this restriction.
In response, Upbit’s parent company, Dunamu, contested the ruling in court. It sought to overturn the suspension and requested a temporary injunction. On March 27, a South Korean court granted this injunction. As a result, Upbit can continue servicing new clients while awaiting a final court decision. This ruling provides temporary relief, allowing the exchange to maintain market operations.
