Crypto exchange Bithumb has announced it will list Paycoin on its KRW market, with deposits starting on July 15, 2024. Following this news, the price of Paycoin (PCI) jumped 25% to $0.16. This surge comes amid a broader recovery in the cryptocurrency market.
Over the past week, Paycoin has gained 87.5%, driven by two main factors: the upcoming Bithumb listing and growing interest in the coin.
Bithumb Announces Paycoin Listing Details
Earlier today, Bithumb, a leading South Korean crypto exchange, revealed that it will list Paycoin on its platform. The cryptocurrency will be available exclusively on the Won Market and will only support deposits made through the Paycoin network. Deposits are scheduled to start on July 15, 2024, between 5:00 PM and 6:00 PM KST. However, trading and withdrawals will be delayed due to an asset key change, with Bithumb promising to provide updates on the revised schedule.
Paycoin will launch on Bithumb with an initial base price of 166 won. As one of South Korea’s most popular crypto trading platforms, Bithumb’s listing is expected to bring significant liquidity to Paycoin. This announcement follows Bithumb’s recent listing of TAIKO, an Ethereum Layer-2 project backed by Vitalik Buterin.
Source: X
Paycoin, which began in South Korea in 2019, offers a payment platform that enables users to launch various products and services using digital assets. Merchants benefit from fast settlements and lower transaction fees compared to traditional payment methods. The platform connects users and merchants through blockchain-based smart contracts and virtual asset circulation. It has onboarded over 100,000 merchants, including major brands like Domino’s, KFC, and 7-Eleven.
South Korean Crypto Tax Delay Boosts Paycoin Price
Another key factor driving the surge in Paycoin’s price today is the South Korean government’s consideration of delaying crypto tax implementation by an additional three years. As one of the most active crypto markets globally, South Korea’s potential decision to postpone these taxes would inject substantial liquidity into the market.
This move is expected to benefit cryptocurrencies like Paycoin, potentially leading to increased trading activity and further price growth. The delay in crypto tax regulations could stimulate market interest and participation, enhancing the overall performance of digital assets.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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