South Korea’s Largest Exchange Upbit Launches Spot Trading of KRW/MASK and BTC/ACS
Upbit, South Korea’s largest cryptocurrency exchange, has announced the addition of two new digital assets, MASK and ACS, to its KRW and BTC markets. MASK is an ERC-20 token used for governance on the Mask Network protocol, which allows for encrypted messaging on social media platforms such as Twitter and Facebook. ACS is a digital asset utilized in Access Protocol, a new monetization model for digital content creators that aims to revolutionize the traditional paywall system.
While the deposit for ACS opened within three hours of the announcement, Upbit users should note that due to the Travel Rule implementation, deposits that are not on the list of exchanges linked with VV will need to go through a review process for reflection. Additionally, users can only deposit or withdraw digital assets from a personal wallet address that has gone through a self-verification process. Even deposits from a linked personal wallet may require a return, depending on the network.
There are also limitations on trading ACS, such as buy orders being limited for the first five minutes and a restriction on sell orders lower than -10% of the previous day’s closing price. The same restrictions apply to MASK, with sell orders lower than -10% not being allowed based on the previous day’s closing price on the Upbit BTC market.
Mask Network is a protocol designed to enable encrypted messaging on social media platforms such as Twitter and Facebook. With P2P transactions and a decentralized wallet, Mask Network aims to serve as a bridge as the Web 2 to Web 3 transition takes place. MASK is a digital asset that allows users to participate in protocol governance.
Access Protocol introduces a new model for monetization of digital content for all creators. ACS is a digital asset utilized in Access Protocol that provides access to premium content paywalled by creators. Access Protocol seeks to revolutionize traditional paywall systems. Users who stake ACS can access the premium content.
Overall, the addition of MASK and ACS to Upbit’s KRW and BTC markets provides users with more options for investment and trading. However, users should take note of the restrictions and potential risks involved in digital asset investment before making any financial decisions.
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