Upbit, South Korea's prominent digital asset exchange, has broadened its range of trading options by incorporating support for Ondo Finance (ONDO) in the KRW, BTC, and USDT markets.

The recent declaration on June 14 outlined the timelines and protocols for the new trading alternatives. Presently, deposits and withdrawals for ONDO tokens on the Ethereum network are available. Trading activities are scheduled to commence later today, starting with the USDT market at 3:00 PM, followed by the BTC market at 4:00 PM, and the KRW market at 5:00 PM based on local time.

To maintain market stability and deter manipulation, the exchange has enforced temporary trading limitations. These include market price restrictions and pre-order limitations for the initial hour of trading. Additionally, the exchange requires all deposits to be directed to validated personal wallet addresses, and substantial transactions from unidentified origins will go through supplementary review processes.

Ondo Finance is recognized for employing blockchain technology to tokenize real-world financial assets. The ONDO token primarily functions for governance within the Ondo ecosystem. The project also introduces USDY, a token backed by US short-term bonds and bank deposits for both institutional and retail investors, as well as OUSG, a token linked to short-term US bonds intended for qualified institutions.

This development reflects Upbit's overarching strategy to enrich its platform and provide users with a broader selection of assets. Recent reports indicate that Upbit surpasses other local exchanges in offering crypto-staking services to its local users. The exchange's offerings encompass various cryptocurrencies, such as Ethereum and Solana, amassing assets exceeding 3 trillion won ($2.1 billion) in its portfolio.

Notably, this expansion and emphasis on staking services occur amidst regulatory alterations and technological disruptions. Recent challenges, like the suspension of significant crypto transactions due to Ten&Ten service disruptions, have impacted Upbit. Furthermore, regulatory modifications in South Korea, particularly the forthcoming implementation of the Virtual Asset User Protection Act (VAUPA) on July 18, 2024, are expected to introduce stricter controls and heightened security measures for token listings on centralized exchanges like Upbit.