Conflux’s CFX token just got a significant boost in South Korea as Upbit launched three new trading pairs against Korean won, Bitcoin, and Tether. This direct KRW access removes the usual hassle of converting local currency into crypto first, making it easier for Korean traders to jump in.
CFX Trading Debut and Market Impact
Upbit announced the CFX listing on July 31 with trading starting at 16:00 KST. Prior to launch, CFX surged nearly 8.5% within 24 hours, pushing daily volume close to $13 million almost double its previous activity. The market cap hovered around $236 million as investors reacted to the news. Upbit set initial prices using CoinMarketCap data to stabilize early trading and imposed restrictions: buy orders were blocked for around five minutes after opening, and any sell orders priced 10% below the previous close were temporarily disallowed. Only limit orders were permitted during the first two hours to curb volatility.
Access and Trading Conditions
Deposits and withdrawals are limited to Conflux’s eSpace network, warning traders about possible delays if they use unsupported chains. Upbit tempered expectations by noting that trading could be postponed if liquidity targets weren't met. Still, the KRW pair stands out as a key development for local users, enabling them to trade CFX directly with their national currency rather than relying on Bitcoin or Tether as intermediaries. This move could widen CFX’s adoption in Korea, where Upbit ranks as one of the top exchanges.
This article is for informational purposes and does not constitute financial advice.
