South Korea’s cryptomarket is continually changing as Upbit and Bithumb, the two main platforms in the country, move to expand the range of their crypto-assets. Upbit and Bithumb, respectively the first and second biggest crypto exchanges in Korea, have each shared information about newly listed tokens that not only mirror people’s favorites like meme tokens but also focus on decentralized infrastructures.
These decisions taken simultaneously by the Korean crypto exchanges are a clear sign of them weighing the retail investors’ appetite against the utility offerings coming from the new cryptocurrencies.
SPX6900 went live at Upbit and Bithumb
Upbit will start to operate SPX6900 (SPX) from 14:00 KST with KRW, BTC, and USDT as the trading pairs. while Bithumb will be running an SPX/KRW market at 17:00 KST. SPX is a meme token spoofing the S&P 500. SPX has a place in the overall meme-coin scene, which generally tends to hook a very large crowd of retail investors.
From the point of view of Upbit and Bithumb, introducing SPX is a straightforward answer to the craving of asset classes having a strong cultural identity. Still, these tokens usually have very high volatility, problems with liquidity depth, and besides speculation, it is generally difficult to find a long-term use case for them.
Spacecoin Joins Bithumb’s KRW Market
Along with SPX, at 2 P. M. Korean time, Bithumb will also be listing Spacecoin (SPACE) in the KRW market. SPACE is a decentralized physical infrastructure network (DePIN) project that aims at worldwide internet access through satellites.
DePIN tokens are ones that use blockchain incentive mechanisms to motivate physical networks. While they have great potential for real-world adoption, there are also issues tied to them, like the need for complex hardware, regulatory supervision of telecommunication services, and the plant to long industrial production cycles.
Also Read: Upbit Crypto Exchange Lands Massive $669M Hana Deal: Strong Acquisition of Dunamu
Impacts of the Korean Market on Traders
The simultaneous launch of listings by Upbit and Bithumb has given the impression of a double-track strategy: On one side, addressing the speculative desires of investors, and on the other, providing a platform for tokens that are based on their utility. Such a move tends to increase the involvement of different market participants but will, at the same time, increase the burden for both risk disclosures and adherence to the digital asset regulations in South Korea, which are still changing.
Also Read: Binance, Upbit List CHIP on April 21 With 3 Trading Pairs
