South Korea’s Upbit and Bithumb to List MOVE Token on Dec. 9

In a major move for the South Korean crypto market, two of the country's leading exchanges, Upbit and Bithumb, are set to list the MOVE token on December 9, 2024. Both exchanges will open trading for the token at 21:00 KST (Korean Standard Time), marking a significant milestone for Movement Labs and its Ethereum Layer 2 solution.

MOVE Token to Be Listed on Upbit and Bithumb

The MOVE token, the utility token of Movement Labs, will be available for trading on both Upbit and Bithumb simultaneously. Upbit, one of the most popular exchanges in South Korea, will list the token with support for multiple trading pairs, including Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Similarly, Bithumb will offer MOVE trading exclusively in the KRW market.

Upbit’s announcement highlighted that this is the first time MOVE will be available for global trading support. While the listing is set for December 9 at 21:00 KST, Upbit has also cautioned that the launch time might change, and the exchange will notify users if any adjustments are made to the schedule.

Bithumb, on the other hand, has not yet confirmed a base price for MOVE but is expected to begin accepting deposits at 17:30 KST, three hours before trading starts. The exchange also noted that the listing time may change based on circumstances surrounding the token's launch.

Trading Policies and Restrictions

To ensure a smooth launch, both exchanges will implement certain trading restrictions when MOVE begins trading. Upbit will restrict buy orders for the token for approximately five minutes after trading support opens. In addition, orders other than limit orders will be restricted for one hour after the trading opens. Additionally, Upbit has set a minimum sell price for MOVE at $0.33 USD (approximately 464.5 KRW), which is 30% below the previous day's lowest over-the-counter price.

Bithumb has similarly restricted both buy and sell orders for five minutes after trading opens. For selling orders, prices will be limited to within 10% below and 100% above the standard price, ensuring a fair launch.

MOVE Token and Movement Labs

MOVE is the utility token of Movement Labs, a decentralized project built on Ethereum’s Layer 2 solution. The token is designed to facilitate staking, delegation, governance events, and gas fee payments within the Movement ecosystem. Movement Labs aims to offer a scalable and high-stability solution that supports both MoveVM and EVM transactions, allowing developers to maintain compatibility with existing Ethereum applications while benefiting from enhanced performance.

This listing is an important step for Movement Labs as it seeks to expand its ecosystem and increase adoption of its Layer 2 platform. The token's listing on two major South Korean exchanges is expected to boost its visibility and provide greater accessibility for users in the region.

A New Chapter for MOVE and South Korean Crypto Markets

The listing of MOVE on Upbit and Bithumb represents a significant milestone in the token's journey, especially given the rising demand for Ethereum Layer 2 solutions. South Korea continues to be a key market for cryptocurrency adoption, and the inclusion of MOVE on these prominent exchanges highlights the growing interest in Layer 2 projects.

As the crypto landscape evolves, platforms like Movement Labs that offer enhanced scalability and transaction efficiency are likely to play an increasingly important role. The MOVE token's debut on Upbit and Bithumb is expected to pave the way for further growth and expansion within the South Korean market and beyond.

For users interested in participating in the MOVE token trading, they should stay updated on the official announcements from Upbit and Bithumb, as both exchanges will provide further details regarding the listing time and any potential changes.