Key Takeaways
- Upbit launches Moca Network (MOCA) markets in KRW, BTC, and USDT.
- Deposit and withdrawal support is limited to the Ethereum network.
- Trading restrictions will apply for the first few minutes post-launch.
Upbit, South Korea’s leading cryptocurrency exchange, has announced the introduction of the Moca Network (MOCA) into its trading ecosystem. Starting from December 16, MOCA will be traded against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). This will also be a milestone for Upbit and Moca alike in accordance with Upbit’s policy to list more digital assets for users.
Important Trading Restrictions
Upbit has, in its announcement, highlighted a few of the key trading restrictions for the launch. First, buy orders will be limited for about five minutes post-launch and sell orders below 10% of the previous day’s closing price will face a temporary restriction.
Moreover, market and reservation orders will not be available one hour after trading opens. These measures are put into place in order to avoid chaos within the trading atmosphere at the opening of the MOCA market.
According to Upbit, the latest prices of MOCA have reached the previous day’s closing price of 139.4 KRW and are currently at 137.5 KRW. Traders are therefore advised to reconfirm the closing price and, based on that, strategize before the commencement of trading.
MOCA Network: A Web3 Ecosystem with Cultural Interoperability
Moca Network tries to fill the gap in the field of cultural interoperability within the Web3 space, using its MOCA token to increase the utility and functionality of its ecosystem. The project is about knitting three areas together: education, gaming, and development, providing value added in an NFT holdership scenario for MOCAbus.
MOCA also fuels platform governance, staking, and reward mechanisms. The MOCA ID is Moca Network’s identity authentication mechanism. It applies blockchain technology and has already been implemented on the Mainnet. It is designed for users to interact safely within an ecosystem to claim rewards or participate in various functions.
The MOCA token is used for platform fees and as a medium of exchange throughout the wider ecosystem of interconnected projects. However, the beginning of MOCA trading through Upbit brings digitized assets to grow user investment and participation with one more avenue into the greater and growing Web3 ecosystem.
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