Upbit Announces Introduction of SEI to KRW and BTC Trading Markets

Upbit Announces Introduction of SEI to KRW and BTC Trading Markets

Time Stamp: August 14, 2023 6:58 AM
Source Node: 2822313
  • Upbit introduces SEI to KRW and BTC markets for trading.
  • SEI deposits supported from Sei Network, with restrictions on transactions.
  • SEI is the native token of Sei blockchain for the DeFi sector.

Upbit, a renowned global digital asset exchange, is set to include new digital assets in its trading offerings. The latest addition is SEI, available in the KRW and BTC markets. SEI deposits are exclusively supported from the Sei Network, excluding other networks like BSC.

In detail, the South Korean crypto currency exchange is eager to bring SEI trading options to their users. In fact, the SEI deposit/withdrawal support on Upbit will commence at 21:00 KST on August 15, 2023. 

While SEI’s deposit support begins, it’s important to consider that all SEI deposits between the initiation of deposit support and the registration of its reference price on CoinMarketCap or before the support for Upbit SEI trading becomes operational will be subjected to the Travel Rule solution verification.

Thus, to ensure a secure trading environment, Upbit restricts certain actions when adding new digital assets. Firstly, it will communicate the start of transaction support timing separately.

Secondly, buy orders will be temporarily limited for about 5 minutes during new digital asset additions. Thirdly, market price and pre-orders will be restricted for approximately an hour.

Therefore, it is advised to verify your account’s inclusion in Upbit’s supported deposit and withdrawal virtual asset providers before initiating deposits. Also, Upbit urges caution in digital asset investment due to market volatility.

Specifically, SEI is a native token associated with the Sei layer 1 blockchain, focusing on the DeFi sector. The project aims to establish a foundation for decentralized finance, offering a transaction execution engine for DApps within its network. SEI is utilized for transaction fees, validator staking, on-chain governance, and digital asset transactions within the network.

To highlight, Sei is the first transaction-supported project in Korea and internationally. The calculation of SEI’s market price might be challenging due to its absence from other exchanges. Therefore, cautious investment is recommended. 

More so, the initial supply of circulating tokens is 1,800,000,000 SEI, constituting about 18% of the total supply of 10,000,000,000. As the network operates post-launch, there might be fluctuations in deposits and withdrawals from overseas exchanges due to network stability. It’s advised to be mindful of these factors when initiating transactions.

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