South Korea’s Upbit and Bithumb lists MOVE on Dec. 9

Two South Korean major crypto exchanges, Upbit and Bithumb, will list MOVE on the same day, Dec. 9. Both exchanges will open trading for the token at 21:00 KST.

Upbit and Bithumb will list utility tokens from Movement Labs, an Ethereum (ETH) layer 2 solution, simultaneously on Dec. 9 at 21:00 KST. Though based on the information from Upbit’s notice, since this is the first time MOVE will be listed for global trading support, there is a chance that the scheduled listing time for the token might change. The exchange will let users know if the launch time for MOVE trading support changes.

MOVE will be available for trading with Korean won, Bitcoin (BTC) and Tether (USDT). Deposits and withdrawals for the token will only be available through the Ethereum network. Upbit sets the minimum sell price limit for MOVE to $0.33 USD or equivalent to 464.5 KRW, which is 30% below the previous day’s lowest over-the-counter trading price.

Upbit stated that buy orders for Movement’s token will be restricted for around five minutes after trading support opens. On the other hand, all orders with the exception of limit orders, are restricted around one hour after trading support begins for MOVE.

Unlike Upbit’s listing of MOVE, Bithumb stated that MOVE will only be available for trading on the won market. Users can begin to deposit or withdraw MOVE three hours after the notice was posted on Bithumb, which would be around 17:30 KST. Trading support for the token will start on Dec. 9 at 21:00 KST, but the time is also subject to change depending on launch circumstances.

Bithumb has not been able to determine the base price for MOVE, but the exchange noted that it has received 33 deposit confirmations for the token.

Similar to Upbit’s policy, buying orders for MOVE will be restricted for around five minutes after trading opens on Bithumb. Meanwhile, selling orders for MOVE are also restricted for five minutes after trading opens, at prices limited to 10% below the standard price and more than 100% above the standard price.

Movement is an Ethereum layer 2 solution which supports MoveVM and EVM transactions. Both features allow developers to maintain compatibility with existing Ethereum applications while also providing certain benefits such as high stability and high scalability.

MOVE is Movement Labs’ utility token used for staking, delegation, governance events, and gas fee payments.