[Upbit Notes] New Listing Update, More

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  • New digital asset on KRW, BTC Market (T) and designation of investment warning (NU)

Upbit added following digital asset on KRW, BTC market
KRW, BTC market : T (Threshold)

*T : Upbit only supports ERC-20 T for deposit. (Deposits from the other networks (ex) BSC) cannot be supported.
*According to the Terms of service article 17, paragraph 7, above certain amount of deposits can be audited and these audits include analyzing the flow of funds. Please understand that your deposit can not be reflected on your account if the audits are not completed.

When trading T at KRW, BTC market, check the limitation on buying described below.

Furthermore, we would like to inform you that push messages sent when adding new digital assets have been cancelled to create a stable trading environment.

1) Trading opened at : 2022–03–02 17:00 KST (estimated time).
2) Buy orders are limited for the opening 5 minutes
. T : Based on the closing price (219.56 KRW / 0.00000412 BTC) of Coinmarketcap in previous day, sell orders lower than -10% will not be allowed.
3) Buy/Sell orders at Market price and reservations for Buy/Sell order are limited for about an hour after the market support.

※Investment risk guide

digital asset investment can be subject to rapid fluctuation of price due to speculative demand and changes in domestic and overseas regulatory environment. It is investor’s responsibility to judge the investment, and any loss that may arise is attributable to the investor. Fully understand the characteristics of the digital asset and we ask you to invest with it caution. Upbit strongly recommends that you do your own research, referring the website and disclosures of token projects before making any financial decisions.
Due to the overheated trading environment, there is a difference in market prices between domestic and foreign exchanges. Please make sure that pay attention to the difference in the market prices from the global exchange before investing in digital assets.
According to Coinmarketcap, the prices of the digital asset is as below. Please be noted to the high volatility before investing in digital assets.
. T : 222.83 KRW / 0.00000418 BTC (2022. 3. 2. 12:00 (KST))
Upbit takes various measures to create a stable trading environment, such as a limit of minimum order amount, but some users may be exposed to order stabilization messages depending on the overheated investment environment. Please note that this is an inevitable measure for a stable service after processing the orders of the users who ordered first.

Please check below for details on T market listing

  • Reasons for listing : Following the merge of Nucypher and Keep Network, T digital asset will be used in the newly upgraded network. As T will replace NU’s role, Upbit has also decided to list T.
    . Details on Nucypher (NU), Keep Network (KEEP) merge
  • NU <> T swap : For users wishing to swap their NU into T, please withdraw your NU to individual wallets and follow the DIY guidelines below.
  • How to wrap NU into T : https://www.youtube.com/watch?v=FJOnWai4UzE (Korean Translation)
  • NU <> T swap website : https://stake.nucypher.network/wrap
    *NU and T are separately traded digital assets with individual prices. The merge does not oblige NU <> T swap and is different from previous rebranding of digital assets (e.g. BCHA rebranding to XEC). Accordingly, to protect users’ property rights from risks including losses from NU / T price difference and allow users to selectively trade NU / T, Upbit will not be supporting the swap.

[New Digital Asset]

T (Threshold) project description:
Threshold develops a privacy layer to keep users’ information and digital assets private while using a public blockchain. The network will run NuCypher’s popular privacy tools. These include managing secrets across different environments, granting and revoking access to sensitive information, and processing encrypted data without revealing it. Threshold also utilizes Keep’s ability to encrypt, store, and transmit private data through off-chain containers called ‘keeps’.

Upbit is issuing an investment warning for NU (Nucypher)
Please find below for further details on the investment warning.

[Reasons for the investment warning]

NU (Nucypher)

  • Investment warning: NU/KRW, NU/BTC
  • Reasons for investment warning
    : Nucypher(NU) and Keep Network(KEEP) have strategically merged into Threshold(T). Upbit is issuing an investment warning for NU due to changes in project conditions*. NU liquidity is expected to decrease as more NU is converted into T, so we urge Upbit users to be cautious of high price volatility.
    *Details on investment warning categories can be found in Upbit Digital Asset Transaction Support Termination Policy
  • Merge Details
    : Merge reason : Nucypher and Keep Network are both focused on guaranteeing user sovereignty on the public blockchain through the use of threshold cryptography. The merge was decided through community votes for an increased synergy between the two projects.
    . https://blog.nucypher.com/keanu-is-a-go/
    : Merge timeline : The merge was decided by community votings in June, 2021 and the NU/KEEP upgrade contract to T was launched in December, 2021.
    : Merge ratio : T has a maximum supply of 10 billion, in which 4.5 billion T will be distributed to NU and T holders each. The merge ratio is as follows.
  • 1 NU = 3.26 T
  • 1 KEEP = 4.78 T

[Steps following designation of investment warning]

  • After issuing an investment warning, Upbit thoroughly reviews the digital-assets to decide investment warning withdrawal/extension or termination of market support.
  • In this case, Upbit has issued an investment warning to address users’ caution in trading following the particular changes in project conditions. As such, NU trades will be supported (e.g. withdrawal/deposit of NU) after the investment warning. However, changes in trade support may be announced should there be significant changes in liquidity and projects situations.
  • Upbit’s designation of digital asset Investment Warning and termination of transaction support are in accordance with the Upbit Digital Asset Transaction Support Termination Policy.

As for the detailed information, please see here.

Thank you.

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