South Korea’s leading cryptocurrency exchange Upbit has announced that it will begin offering support for the Ethereum-based digital asset Newton Protocol (NEWT) on KRW (Korean Won), BTC, and USDT trading pairs.
Upbit Announces New Trading Pairs for Newton Protocol (NEWT): Support Begins in KRW, BTC, and USDT Markets
According to Upbit, NEWT can only be sent and received via the Ethereum network. Transfers from other networks are not supported, and even if such transactions are refunded, it may take a long time.
Additionally, all NEWT deposits made before the asset’s reference price is determined on price tracking platforms such as CoinMarketCap will be subject to additional verification processes in line with the “Travel Rule,” even if the amount exceeds 1 million Korean won.
Process Start and Restrictions
Upbit highlighted the following rules when opening a transaction:
- Buy orders will not be available during the first 5 minutes.
- A reference price for the minimum sales price will be announced.
- For the first 2 hours, only limit orders will be allowed, market and other order types will be temporarily disabled.
What is NEWT?
Newton Protocol (NEWT) is a project that provides an artificial intelligence-based automatic agent infrastructure, developed to facilitate user experience in the Web3 world. The platform works with AI agents that carry out goal-oriented commands given by users in a secure and verifiable manner.
The NEWT token is used within this ecosystem to:
- Staking (locking),
- Use as a means of payment,
- It is used in functions such as governance participation.
Security and Compliance Notices
The exchange announced that NEWT deposits and withdrawals will only be allowed from “verified wallet addresses.” Additionally, transfers from incompatible wallets may be subject to refunds. In case of large transfers, the user may be asked for documentation of the source of funds.
Upbit also announced the official NEWT contract address, urging traders to be careful about network type, contract address, and compatibility:
0xD0eC028a3D21533Fdd200838F39c85B03679285D
With this development, Upbit continues to offer Korean crypto investors early access to next-generation Web3 projects.
*This is not investment advice.
Read the full article here
