South Korean Exchange Upbit Adds Support for Ethereum Name Service

UTC by Chimamanda U. Martha · 3 min read
South Korean Exchange Upbit Adds Support for Ethereum Name Service
Photo: Depositphotos

In addition to the token listing, users will also be able to purchase ENS names such as “bob.eth” and map them to identifiers like addresses, content hashes, and metadata.

South Korean cryptocurrency exchange Upbit has become the latest company to add support for ENS, the native token of the Ethereum Name Service, allowing its users to buy the digital asset using their local currency, KRW.

In an announcement on July 9, the exchange, which has the largest market share in the Korean market for crypto, said it added ENS to the KRW market on Upbit. Starting at approximately 18:30 Korean time, users will be able to purchase the virtual currency.

New Listing Rules

Upbit has implemented various rules for the new listing of ENS. Initially, buy orders will be restricted for 5 minutes after trading starts, and sell orders priced below 10% of the previous day’s closing price will face similar restrictions.

Market price and pre-orders will also be limited for approximately an hour following the listing. Upbit has set the previous day’s closing price for ENS at 0.00047124 BTC, equivalent to 37,951 KRW.

In terms of deposits and withdrawals for ENS, Upbit stated that transactions are supported exclusively on the Ethereum network. The company has also implemented a “travel rule” for additional scrutiny of deposits originating from virtual asset operators not listed on Upbit.

These measures are intended to ensure compliance, enhance security, and facilitate a smooth trading experience for users participating in Ethereum Name Service transactions on Upbit.

Buoyed by the news of the listing, ENS jumped over 13% on Tuesday, according to data from CoinMarketCap.

ENS Name Purchases

In addition to the token listing, users will also be able to purchase ENS names such as “bob.eth” and map them to identifiers like addresses, content hashes, and metadata.

Each ENS name is unique and not interchangeable with others. The names possess characteristics similar to non-fungible tokens (NFTs) due to their uniqueness and ownership properties within the Ethereum ecosystem.

Since the introduction of ENS in May 2017 by Nick Johnson and Alex Van de Sande, both members of the Ethereum Foundation, crypto exchanges have been major participants in spearheading the adoption of the service.

In January last year, ENS published its yearly adoption report for 2022. According to the company, the year saw about 2.2 million domains created thanks to crypto exchanges embracing the service on their platforms. The Ethereum Name Service said at the time that 2022 was the best year for the platform in terms of adoption.

This number will likely increase with the latest introduction of the service to the Korean market by Upbit. The exchange boasts a user base of 8 million, according to data from Statista. Once purchased, the names can be utilized across various decentralized applications (dApps) and blockchain networks. They act as human-readable identifiers that simplify interactions within the decentralized ecosystem.

Additionally, ENS names can also function as Ethereum wallets. This means users can send and receive cryptocurrencies within the Ethereum ecosystem using an ENS name.

Instead of using long, complex wallet addresses, users can send funds to an ENS name, which resolves to the associated Ethereum address.

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