Binance, Upbit and Bithumb set to list Magic Eden token on Dec. 10

Major crypto exchanges Binance, Upbit and Bithumb will launch trading support for Magic Eden, the Solana-based native token of the NFT marketplace of the same name. The token is scheduled to be listed on December 10.

In a recent announcement, Binance announced that it will list Magic Eden’s native token, ME, on its exchange. Trading support and withdrawals for ME will open on December 10 at 15:00 UTC. Binance will provide trading support for the following trading pairs: ME/BTC, ME/USDT, ME/FDUSD and ME/TRY.

Users will be able to start depositing ME in preparation for the launch. However, due to the higher-than-usual risk posed by Magic Eden’s relatively new token status, Binance notified users that it would add a seed tag to ME.

This means that users must take a quiz on the Binance Spot and Binance Margin platforms every 90 days and agree to the crypto exchange’s terms of use to gain trading access to ME.

Alongside Binance, South Korean crypto exchanges Upbit and Bithumb also announced plans to simultaneously list the NFT marketplace token on December 10 at 14:00 UTC.

Upbit will provide trading support for Magic Eden trading pairs with Korean won, Bitcoin (BTC), and Tether (USDT). Token deposits and withdrawals will begin at 14:00 UTC on December 10. However, the exchange stated that the transaction support period will be announced later.

The token will be available for deposits and withdrawals via the Solana (SOL) network and can only be made via a personal wallet address that completes the ownership verification process.

According to Upbit’s notice, if the deposit is made via a linked personal wallet, a refund of the deposit may need to be processed depending on the asset’s network.

On the other hand, Bithumb is launching the ME token along with the Ethereum-based Synfutures governance token F.

According to the information in the announcement, Bithumb will only support trading of ME and Korean won trading pairs with a base price equal to 2,286 won or $1.59. Similar to Upbit, Bithumb still cannot provide a start time for open trades. He says the time will be announced “once liquidity is assured.”

Magic Eden is a multi-chain marketplace launched on the Solana blockchain in September 2021. As previously reported by Crypto.news, the platform contributed to the majority of daily NFT sales volume on Solana, capturing a 31.7% share. However, the decline in Solana NFTs caused its market share to drop to 3.4% in 2023.

The token is intended to be used for governance, staking and user rewards on the Magic Eden platform. The NFT marketplace announced the launch of the ME token in an X post. Users can claim ME tokens using the platform wallet Emmy by checking their eligibility on the Magic Eden mobile app.