Polygon is up more than 25% on news that the Korean crypto exchange Upbit has approved the MATIC token for trading.
Polygon’s Reaction to the Exchange Listing
A Polygon party is being hosted by Korean traders.
Scalability solution for Ethereum Polygon surged Friday morning following the announcement by the Korean crypto exchange Upbit that it had listed the MATIC token for trading. With a minimum deposit of 10 MATIC, Korean traders can now buy, sell, and transfer Polygon’s native token on the exchange.
Following the announcement, Polygon’s MATIC token increased by 25%, reaching a new local high of $1.60.
In addition to MATIC, Upbit has today launched trading for two other cryptocurrencies: Solana and NuCypher. While Solana’s SOL token has increased by 5.8 percent since its listing, NuCypher has increased by a whopping 678 percent, rocketing from $0.29 to $2.61 before falling slightly.
Polygon and NuCypher are not the first projects to benefit significantly from an exchange listing. Several crypto assets saw double-digit and even triple-digit gains this summer after being listed on the US exchange Coinbase. Harvest Finance, a yield aggregator, surged 127 percent after its Coinbase listing and was one of the biggest gainers.
According to CoinGecko data, Upbit is currently the largest cryptocurrency exchange in South Korea, processing over $7 billion in transactions per day. As the Korean crypto market expands, Upbit will most likely continue to list more assets in order to meet customer demand.