South Korean crypto exchange Upbit announced its decision to list the altcoin Axelar (AXL). This step signifies the expansion of digital assets on the platform and provides users with access to more opportunities in the ever-changing crypto landscape.
Upbit users will be able to start depositing AXL. While adding AXL to the BTC Market, the exchange emphasized that certain conditions will be applied to ensure a secure 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.
Upbit advises its users to carefully assess the investment risks before trading with AXL or any digital asset. Digital assets are sensitive to sharp price fluctuations influenced by speculative demand and regulatory changes.
Axelar is built using the Cosmos SDK and focuses on facilitating communication between various blockchain networks. AXL serves a very important role in the Axelar ecosystem as its native token, from staking as a validator, covering transaction fees, to facilitating governance participation.
With Upbit’s listing of AXL, users will gain access to a blockchain solution that meets the need for seamless communication between various blockchain networks. Following this development, a sharp increase in AXL’s price was observed, and at the time of writing, Axelar’s price had risen by 38%, reaching $0.87.