South Korea’s Upbit crypto exchange announced the listing of the COMP/KRW pair, triggering a sharp price rise for the digital asset.
Upbit's Listing Announcement
Earlier, Upbit revealed plans to list the COMP/KRW trading pair on Ethereum. The pair is scheduled for launch at 16:35 Korean time. Following the announcement, COMP's price spiked materially.
COMP Price Surge
Ahead of Upbit's announcement, COMP was trading over $40, with a market cap of over $361 million. After the exchange's note, COMP's price surged by over 50%, reaching over $71 and a market cap over $635 million. The price stabilized at above $60, with a market cap exceeding $540 million.
About Compound
Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrency by depositing it in supported pools. The dApp operates on Ethereum and lets users lend, borrow, and earn interest. The process is automated through smart contracts using Compound's native cTokens.
Upbit's announcement of the COMP/KRW pair listing demonstrated a significant impact on the asset's price, underscoring the importance of such events for the cryptocurrency market.
