Key Points
- Upbit announced the launch of DRIFT’s KRW, BTC, and USDT trading pairs.
- The exchange’s announcement triggered a surge of over 100% in DRIFT’s price.
Earlier today, the largest crypto exchange in South Korea, Upbit announced the launch of Drift (DRIFT), supporting the KRW, BTC, and USDT markets.
The listing time is scheduled at 18:00 Korean time, and, buy orders will be restricted for approximately 5 minutes after trading support begins, according to the official announcement of the exchange.
Upbit’s announcement triggered a notable surge for the token, sending its price to a new ATH.
DRIFT Reaches a New ATH Above $0.95
At the moment of writing this article, DRIFT is trading above $0.91, up by more than 100% in the past 24 hours.
Earlier, following Upbit’s listing announcement, the token reached a new ATH above $0.95, after beginning a rise in price from levels of around $0.51.
The token now has a market cap of over $225 million.
Drift’s Latest Announcement
On November 7, the team at Drift announced that the project welcomed cbBTC, Coinbase’s wrapped Bitcoin on Solana. cbTBC went live as a spot asset as collateral on Drift.
Coinbase also revealed the news via its X account, highlighting that cbBTC is an SPL token backed 1:1 by BTC held in custody by the crypto exchange.
This is the first token Coinbase has issued on Solana, and with it, the exchange brings easy access to BTC.
What is Drift (DRIFT)?
Drift is an on-chain perpetual and spot DEX built on Solana. The exchange offers traders the ability to trade pre-launch markets and launched tokens with up to 10x leverage.
According to the team behind the project, beyond stablecoins, traders can use a wide range of assets as collateral, allowing for greater capital efficiency.
One of the most notable features of Drift is its use of cross-margined trading accounts. Drift also employs a virtual automated market marker (vAMM) for price discovery.
