South Korea’s Largest Exchange Upbit Joins Binance In SUI Hype

The hype surrounding the Sui network and its native token SUI led South Korea’s largest crypto exchange Upbit to join top exchanges Binance, Coinbase, OKX, Huobi, and others.

The DPoS Layer 1 blockchain Sui mainnet is scheduled to officially launch on May 3 at 12 pm UTC, said Mysten Labs, the team behind the Sui.

South Korea’s Upbit Listing SUI Token

In an official announcement on May 3, Upbit said it listing Sui network’s native token SUI on the exchange. The exchange is listing SUI against the Korean won (KRW) and Bitcoin (BTC) pair.

The SUI token deposit and withdrawal details will be announced after assessing the network situation. The exchange will only support Mainnet deposits, other deposits from networks such as BSC are not supported. Furthermore, buy or sell orders at market price and reservations for buy or sell orders are limited for an hour after the market support.

Sui is a designated Proof of Stake (DPoS) Layer 1 blockchain with high throughput, low latency, and an asset-oriented programming model. Mysten Labs raised $336 million in Series A and B funding rounds at over $2 billion valuation.

According to the Sui foundation, the initial token supply is 528,273,717 SUI, which is about 5.28% of the total supply of 10 billion SUI. It consists of public sales, community access programs, app tests, community reserves, and more.

The public sale price is $0.10. Meanwhile, the SUI (IOU) price is trading at $3.05, up 55% in the last 24 hours. The SUI is expected to witness the same demand as Aptos (APT) and Arbitrum (ARB).

Also Read: Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike?

Binance CEO “CZ” and Tron Founder Justin Sun Spat

On Monday, Binance CEO Changpeng “CZ” Zhao warned Tron founder Justin Sun to avoid participating in the Binance Launchpool’s SUI farming. He said the Binance Launchpool is for retail customers and not for him or any whales.

Justin Sun apologized and said the primary reason behind depositing TUSD is to increase liquidity. He refunded the funds as some team members have unknowingly participated in exchange campaigns.

Also Read: PayPal Insures Crypto Investors From FTX-Like Crisis

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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