South Korea-based cryptocurrency exchange Upbit has announced the listing of another digital asset. According to the exchange’s official statement, the Spark ($SPK) token will be available for spot trading against the Korean won (KRW) starting April 23rd at 12:00 PM local time. The asset will be supported on the Ethereum network, and withdrawals and deposits will open at the same time.
Trading Rules and User Warnings
Upbit issued a warning to users, emphasizing the critical importance of correctly selecting the network before making deposits. The exchange stated that transfers made outside the specified network—Ethereum—would not be supported and that processing times might be lengthy. Furthermore, the exchange noted that trading might not begin on the planned date if sufficient liquidity is not available in the order book. This is a standard precaution for new listings.
Upbit will also implement its standard restrictions for new listings on $SPK. Buy orders will be restricted for the first five minutes after the opening of trading. During the same period, sell orders below 10% of the previous day’s closing price on the Bitcoin market will not be allowed. In addition, only limit orders—not market orders—will be available for the first two hours of trading. These measures are designed to prevent extreme price volatility and to give the market time to stabilize.
Pricing and Contract Details
The exchange confirmed that the previous day’s closing price for $SPK on the Bitcoin market was 0.00000049 BTC, which is roughly equivalent to 57 Korean won. Users were reminded to carefully check their wallet addresses and contract information before making any deposits to avoid losing funds.
What Is the Spark Project?
The Spark project aims to provide decentralized finance infrastructure within the Sky Protocol ecosystem. The platform offers services such as savings, lending, and liquidity distribution. The $SPK token is primarily used for governance and staking purposes. This listing is expected to expand Upbit’s product range and offer new opportunities to investors looking for exposure to decentralized finance projects.
*This is not investment advice.*
