The cryptocurrency exchange Upbit recently unveiled the inclusion of the altcoin BEAM on its platform, commencing trading on May 31, 2024, across KRW, BTC, and USDT pairings, presenting fresh trading prospects for those intrigued by BEAM.

Upbit’s Announcement Highlights

Upbit declared that BEAM, alternatively known as BEAMX on select platforms, will be supported on the Ethereum network. The exchange furnished a specific contract address for BEAM, essential for deposit and withdrawal procedures. Users are urged to authenticate this address to ensure seamless transaction operations.

Trading Restrictions Overview

Initially, Upbit will implement specific trading limitations to ensure an orderly start. Buy orders will be restricted for about five minutes post-trading initiation, while sell orders priced 10% below the previous day’s closing rate will face similar limitations. Moreover, both market and pending orders will be subject to restrictions lasting approximately one hour.

Developed by the gaming DAO Merit Circle, BEAM serves as a blockchain initiative focusing on the gaming sector. Existing as an Avalanche subnet, BEAM aims to propel blockchain gaming through diverse technological advancements. The incorporation of the Beam SDK facilitates seamless game integration within its network, supporting the trading of game assets through the NFT marketplace Sphere. BEAM is instrumental for transaction fee settlements, governance activities, and NFT trading. Following the listing announcement, BEAM witnessed a price upsurge of 31%.

Key Insights

• BEAM’s integration with the Ethereum network necessitates address validation for transactions.
• Initial trading limitations involve buy and sell constraints to maintain trading stability.
• BEAM actively supports the gaming industry through its SDK and NFT marketplace, contributing to broader adoption and functionality.
• The listing revelation resulted in a substantial price surge for BEAM, highlighting positive market sentiment.

In conclusion, Upbit’s decision to incorporate BEAM into its trading repertoire across multiple pairs signifies a significant milestone in the cryptocurrency landscape. This listing not only expands trading avenues but also underscores the mounting relevance of blockchain technology in gaming.