New Altcoin to Launch on Upbit on August 28

Upbit has announced new trading support for an altcoin.

According to the exchange’s official announcement, Euro Coin (EURC) will begin trading on the platform. The asset will be open for trading with EURC/KRW, EURC/BTC, and EURC/USDT pairs on August 28 at 2:00 PM.

The announcement stated that EURC deposits and withdrawals will only be supported via the Ethereum network. Transfers via other networks will not be supported, and users are advised to check the network before transacting, as the recovery process for deposits made through the wrong network can take a long time. Deposit and withdrawal services are planned to launch within two hours after the announcement was published.

It was announced that buy orders will be restricted for the first 5 minutes after trading support begins. Additionally, order types and conditions other than limit orders will not be available for approximately two hours.

Following the start of trading support, Upbit will limit sell orders for EURC placed at levels 10% or more below the previous day’s closing price for the first 5 minutes. It was noted that the base prices for these restrictions will be determined based on CoinMarketCap data.

The previous day’s closing price for EURC was shared as 1,609.52 won for the KRW pair, 0.00001454 BTC for the BTC pair, and 1.16 USDT for the USDT pair. As of 10:40 AM on August 28, the latest prices were 1,603.32 won, 0.00001440 BTC, and 1.16 USDT, respectively.

EURC is defined as a fiat-collateralized stablecoin issued by Circle Internet Financial Europe SAS, designed to represent the value of the euro on the blockchain. Upbit requested that network and contract address information be checked before trading.