Upbit Announced That It Will Add Axelar (AXL) Trading Pair To Its Platform
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Upbit Announced That It Will Add Axelar (AXL) Trading Pair To Its Platform

  • Bitcoin exchange Upbit announces it will list a new altcoin, Axelar (AXL) to its trading pair.

Upbit, one of South Korea’s leading cryptocurrency exchanges, today announced that it plans to add a new digital asset, Axelar (AXL), to its platform.

Upbit Lists Axelar (AXL)

AXL trading on the BTC Market is scheduled to begin at 18:00 on December 7, 2023.

Buy orders will be restricted for approximately 5 minutes. For AXL, sell orders will be restricted for prices below -10% of the previous day’s closing price on CoinMarketCap. (0.00001411 BTC).

Upbit users will be able to start depositing AXL. The exchange emphasized that certain conditions will be applied during the initial phase of adding AXL to the BTC Market to ensure a safe trading environment. 

These conditions include restrictions on buy orders for the first 5 minutes and limitations on sell orders based on the previous day’s closing price.

Before conducting any transactions with AXL or any digital asset, Upbit advises users to carefully evaluate investment risks. Digital assets are sensitive to sharp price fluctuations influenced by speculative demand and regulatory changes.

Upbit encourages users to use their judgment, stressing that potential losses are the responsibility of the investor. 

Upbit also emphasizes the importance of investigating the source of funds, especially for large amounts from unknown sources. This detection is consistent with Upbit’s commitment to creating a safe trading environment and is a step in compliance with regulatory standards.

See Also: BONK Price Attains A New ATH, Outperforming Shiba Inu and Dogecoin

What is Axelar (AXL)?

Axelar, created using Cosmos SDK, focuses on facilitating communication between various Blockchain networks. 

AXL, the native token of Axelar, plays a very important role in the ecosystem. From staking as a validator to covering transaction fees and facilitating governance participation, AXL serves as the backbone of the Axelar network.

With AXL being listed by Upbit, users will gain access to a Blockchain solution that meets the need for seamless communication between various Blockchain networks.

Following the development, there was a sharp increase in the price of AXL. At the time of writing, Axelar saw a 38% increase in price, taking it to $1.05 before dropping slightly to $0.809 according to Coinstats data.

Axelar Price Chart | Source: Coinstats

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.