South Korea-based cryptocurrency exchange Upbit has announced the launch of support for trading new digital assets.
According to an official announcement, YieldBasis (YB) tokens will be available for trading on the BTC and USDT pair starting December 26th.
YB transactions will be supported via the Ethereum network, and deposit and withdrawal operations will be active approximately 1 hour and 15 minutes after publication of the announcement. Trading is scheduled to start at 15:00 Turkish time.
Upbit warned users to pay particular attention to their network selection before making a deposit. They stated that only transfers made through the Ethereum network will be accepted and that sending assets from different networks may result in losses. It also shared YB's valid contract address and asked investors to verify it before trading.
The exchange will implement some temporary restrictions at the start of trading to ensure market stability. No buy orders are accepted during the first 5 minutes, and sell orders below 10% of the previous closing price are restricted during the first few minutes. Only limit orders are allowed during the first two hours.
YieldBasis stands out as a Bitcoin-based leveraged liquidity protocol developed on the Curve Finance platform. This project aims to reduce temporary losses and increase the efficiency of BTC liquidity through automated leverage management. Users can earn income from transaction fees through ybBTC and participate in the governance process by staking YB.
Upbit reminded investors that investing in digital assets involves high risks and stressed the need to carefully consider project details and take into account market conditions before making a transaction.
*This is not investment advice.
