- Upbit’s new BIGTIME KRW market starts today at 18:00 PM, with free withdrawals for the first 24 hours.
- Bithumb adds JTO and ETHFI KRW markets, with trading restrictions in place for JTO orders within the first five minutes.
- Upbit and Bithumb dominate South Korea’s crypto market, controlling nearly 97% of the trading volume.
South Korea's cryptocurrency exchanges, Upbit and Bithumb have expanded their product lines into new areas, and Bithumb is going public with the JTO and ETHFI KRW markets. Eventually, the BIGTIME Korean Won-KRW exchange market will be listed on Upbit. The trading experience on both of the aforementioned platforms will be improved by these extensions.
According to Upbit's official release, transactions will be supported on the BIGTIME KRW Ethereum market starting at 18:00 PM on September 5. For the first 24 hours, Upbit is also waiving withdrawal costs for BIGTIME digital assets. There will be ordinary withdrawal fees after this time. BIGTIME is a free-to-play multiplayer role-playing game to develop a user-focused gaming economy.
Bithumb Expands with JTO and ETHFI KRW Markets
On the other hand, the JTO and ETHFI KRW markets are among Bithumb's listings. JTO withdrawals and deposits will be accepted starting at 14:00 PM on September 5, according to Bithumb, with trading beginning at 17:00 PM. With trading commencing at 18:00 PM, ETHFI KRW deposits and withdrawals will likewise commence at 14:00 PM.
To ensure a secure trading environment, Bithumb has imposed restrictions. Buying orders for JTO will be limited for the first five minutes of trading. Moreover, selling orders are restricted if they deviate more than 10% below or 100% above the standard price.
JTO is a liquidity staking platform that leverages Maximal Extractable Value (MEV) on the Solana blockchain. ETHFI, on the other hand, is a non-custodial delegated staking protocol. Users who deposit Ethereum into ETHFI receive Liquid Restaking Tokens (LRT), EigenLayer points, and ETHFI loyalty points.
Market Impact and Exchange Dominance
Upbit maintains its position as South Korea's largest exchange, holding a 68.3% market share. Bithumb follows with a 28.4% share. Together, these two exchanges control nearly 97% of the market. In comparison, Coinone holds a 2.7% share, while Korbit and Gopax hold 0.6% and 0.1%, respectively.
Both exchanges' new listings and market expansions reflect the dynamic nature of South Korea's crypto trading environment. These updates offer traders more options and flexibility in the rapidly evolving digital asset landscape. With these changes, users can anticipate enhanced trading opportunities and improved market access on both Upbit and Bithumb.
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