South Korea’s Upbit and Bithumb lists MOVE on Dec. 9

South Korea’s two major crypto exchanges, Upbit and Bithumb, will list MOVE on the same day, December 9. Both exchanges will begin token trading at 21:00 KST.

Upbit and Bithumb will simultaneously list utility tokens of Movement Labs, an Ethereum (ETH) layer 2 solution, on December 9 at 21:00 KST. According to the information in Upbit’s notification, there is a possibility that the planned listing time of the token may change, as MOVE will be listed for global trading support for the first time. The exchange will notify users if the launch time of MOVE trading support changes.

MOVE will be open for trading with Korean won, Bitcoin (BTC) and Tether (USDT). Deposits and withdrawals for the token can only be made via the Ethereum network. Upbit sets the minimum selling price limit for MOVE at $0.33 or the equivalent of 464.5 KRW; This is 30% below the previous day’s lowest over-the-counter trading price.

Upbit stated that buy orders for Movement’s token will be restricted for approximately five minutes after trading support opens. On the other hand, all orders except limit orders are restricted approximately one hour after trading support for MOVE begins.

Unlike Upbit’s MOVE listing, Bithumb stated that MOVE can only be traded on the won market. Users can start depositing or withdrawing MOVE three hours after the notification goes live on Bithumb (around 17:30 KST). Trading support for the token will begin at 21:00 on December 9 (KST), but the time may also change depending on launch conditions.

Bithumb was unable to determine MOVE’s base price, but the exchange stated that it had received 33 deposit confirmations for the token.

Similar to Upbit’s policy, buy orders for MOVE will be restricted for approximately five minutes after trading opens on Bithumb. Meanwhile, sell orders for MOVE are also limited for five minutes after trade opening at prices 10% below the standard price and 100% above the standard price.

Move is an Ethereum layer 2 solution that supports MoveVM and EVM transactions. Both features allow developers to maintain compatibility with existing Ethereum implementations while also providing certain benefits such as high stability and high scalability.

MOVE is Movement Labs’ utility token used for staking, delegation, governance events, and gas fee payments.