Upbit has announced that it will enable trading support for its ZKsync (ZK) digital asset against KRW, BTC, and USDT currency pairs.
According to an announcement by Upbit, one of South Korea’s leading cryptocurrency exchanges, ZK deposits and withdrawals will be supported via the ZKsync Era network and will be activated approximately 1 hour and 30 minutes after the announcement. Trading in ZK/KRW, ZK/BTC, and ZK/USDT pairs is scheduled to begin on January 6th at 6:30 PM.
The exchange warned users about network selection before investing. The statement emphasized that only the ZKsync Era network would be supported, and transfers over other networks would not be accepted. Some temporary restrictions will be implemented after trading begins to ensure market stability.
Accordingly, buy orders will be disabled for the first 5 minutes following the start of trading. During the same period, sell orders below 10% of the previous day’s closing price will not be accepted. Furthermore, only limit orders will be allowed for the first 2 hours.
Based on CoinMarketCap data, ZK closed at 48.67 KRW the previous day and is currently at 50.05 KRW. Similar price ranges were reported for BTC and USDT pairs.
ZKsync is known as a leading Layer-2 solution based on ZK Rollup technology, aiming to solve Ethereum’s scalability problems. It performs transactions off-chain and sends proof-of-verification to the Ethereum mainnet, offering low transaction fees and high security. The ZK token is used for governance purposes within the ecosystem. Experts believe that the Upbit listing could increase interest in the ZKsync ecosystem.
*This is not investment advice.
