New Listing
KRW market listing · Listing
When an exchange starts trading a coin for the first time; on Korean exchanges it usually means the coin gets a new Korean won (KRW) market.
Simple explanation
Background: Korean exchanges trade in won, so for Korean investors the big event is a coin being added to an exchange's KRW market. Upbit and Bithumb usually title these notices 원화 마켓 추가 ("KRW market addition"), and the wording varies a little between exchanges.
Listing means the exchange starts "trading support" for a coin. On an exchange that also runs BTC and USDT markets, such as Upbit, a coin that moves from those markets into the KRW market is treated much like a new listing, because it can be bought with won for the first time.
Korea's won-market exchanges review a project's business and technology, its token supply plan and legal issues against standards they share before listing it. The notice gives the trading start time and the networks supported for deposits and withdrawals. Deposits usually open first, within a few hours of the notice, so people can move coins in, and trading starts at the announced time; the start can be pushed back depending on deposits.
Deposit only on the network the notice names. The same coin can exist on several blockchains, and a deposit on an unsupported network may never be credited or may be hard to recover. If you send from an overseas exchange, first check that it is on the Korean exchange's Travel Rule partner list.
Prices often swing wildly right after a listing. When trading has just opened, few coins have reached the Korean exchange, so sellers are scarce while buyers pile in, and the Korean price can jump far above the overseas price: a kimchi premium of tens of percent is common. As coins arrive from abroad and arbitrage selling starts, the premium can collapse quickly and the price with it. Late or thin deposits make this worse.
To damp the swings, an exchange may block buy orders for the first few minutes, take only limit orders (no market orders) for an hour or two, or reject sell orders far below a reference price. The rules and times differ by exchange and coin and are spelled out in the listing notice.
News of a Korean listing can lift the coin's price on overseas exchanges too. Buying on listing rumors is risky, and trading on an exchange's or project's inside listing information before it is public, or manipulating the price, is banned under Korea's Virtual Asset User Protection Act. A listed coin can later be put under an investment warning or delisted.
On CoinGaja's price tables, a coin listed less than 24 hours ago shows "New listing" in place of its 24-hour change, and a kimchi premium beyond ±15%, common right after a listing, is not shown because it may be bad data. CoinGaja's Exchange notices page gathers the exchanges' listing notices in one place.
Example
Overseas price $1 × KRW/USD rate ₩1,400 = ₩1,400 in won (assume the overseas price stays put)
A Korean exchange posts a KRW market listing notice → deposits open first → trading starts at the announced time
Right after trading opens, the Korean price is ₩2,100 → kimchi premium = 2,100 ÷ 1,400 − 1 = +50.00%
A few hours later more coins have arrived from abroad and the Korean price is ₩1,456 → kimchi premium = 1,456 ÷ 1,400 − 1 = +4.00%
Bought at ₩2,100 right after the open → 1,456 ÷ 2,100 − 1 = -30.67%
※ Example numbers, for illustration only
See it on CoinGaja
Related terms
Comments · ask anything about this term
Comments
No comments yet.