The cryptocurrency exchange Upbit has taken a significant step by announcing the listing of the altcoin BEAM. Starting from May 31, 2024, BEAM will be available for trading in KRW, BTC, and USDT pairs. This move is anticipated to offer new opportunities for traders and investors interested in BEAM.
What Did Upbit Announce?
Upbit revealed that BEAM, known as BEAMX on some platforms, will be supported on the Ethereum network. The exchange provided a specific contract address for BEAM, which is crucial for deposit and withdrawal transactions. Users are advised to verify this address to ensure the smooth processing of their transactions.
How Will Trading Restrictions Work?
Initially, Upbit will enforce certain trading restrictions to facilitate a smooth start. Buy orders will be limited for about five minutes post-trading activation. Simultaneously, sell orders priced 10% below the previous day’s closing price will face similar restrictions. Furthermore, both market and pending orders will be restricted for approximately one hour.
BEAM is a blockchain initiative from the gaming DAO Merit Circle, focusing on the gaming industry. Developed as an Avalanche subnet, BEAM aims to advance blockchain gaming through various technologies. The Beam SDK enables seamless game integration with its network and supports the trading of game assets via the NFT marketplace Sphere. BEAM is utilized for transaction fees, governance, and NFT trading. Following the listing news, BEAM’s price surged by 31%.
Key Takeaways
– BEAM integrates with the Ethereum network, requiring address verification for transactions.
– Initial trading restrictions include buy and sell limitations, ensuring a stable trading environment.
– BEAM supports the gaming sector through its SDK and NFT marketplace, contributing to its broader adoption and utility.
– The listing announcement led to a significant price increase of BEAM, reflecting positive market sentiment.
In conclusion, Upbit’s decision to list BEAM across multiple trading pairs marks a notable development for the cryptocurrency market. This listing not only broadens trading options for users but also underscores the growing importance of blockchain technology in the gaming industry.