Upbit, South Korea’s largest cryptocurrency exchange, has announced the listing of two new altcoins. The platform has confirmed it will be adding spot trading support for Seeker (SKR) and Espresso (ESP).
In addition, Bithumb will also list ESP today. Following the listing announcement, both tokens posted significant gains, with prices increasing by double digits as trading interest accelerated.
Upbit and Bithumb expand their services with new token list
According to Upbit’s notification, SKR will be able to trade with three pairs: Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). The exchange will begin spot trading at 16:00 Korean Standard Time (KST) on February 24th, and deposits and withdrawals will be possible within 90 minutes of the announcement.
“Deposits and withdrawals are only supported through the specified network (SKR-Solana). Please check the network before depositing. The contract address for SKR supported by Upbit is SKRbvo6Gf7GondiT3BbTfuRDPqLWei4j2Qy2NPGZhW3. Please check the contract address when depositing or withdrawing SKR,” the exchange added.
In a separate announcement, Upbit announced support for ESP on the KRW, BTC, and USDT markets. Trading is scheduled to begin today at 17:00 KST.
Bithumb also announced the addition of ESP to the KRW market. The exchange said that deposits and withdrawals will begin within two hours of the announcement, with trading scheduled for February 24th at 17:00 KST. The exchange set the standard price at 149 won.
Both exchanges have outlined temporary limits designed to manage volatility during the initial trading period. Upbit restricts buy orders for approximately 5 minutes after the start of trading.
Sell orders that are more than 10% below the previous day’s closing price will also be limited to about five minutes. Additionally, the exchange will only allow limit orders for approximately two hours after trading support begins.
Bithumb similarly restricts buy orders for 5 minutes after trading begins. A sell order will be blocked if the price is more than 10% below or 100% above the base price within the same first 5 minute window. Similar to Upbit, Bithumb only allows limit orders for about two hours after trading begins.
SKR and ESP soar due to exchange listing
This listing triggered notable price movements in both tokens. According to the data, SKR, the native token of the Solana Mobile ecosystem, rose more than 62% after the announcement.
According to data from CoinGecko, daily trading volume increased by more than 700%, with Bithumb accounting for approximately 33% of total trading volume. This figure suggests growing trading interest in the Korean market.
ESP also recorded a significant increase, rising more than 50% to a new all-time high of $0.16. The token was launched earlier this month, making it the latest entrant to the market. ESP serves as the native token of the Espresso network.
Espresso Network is a blockchain protocol that provides a shared sequencing and confirmation layer for rollups and other chains. It is intended to improve scalability and interoperability by coordinating the order of transactions across multiple networks.
