Key Takeaways
- Upbit has listed two new tokens, Hyperlane (HYPER) and RedStone (RED), for trading with Bitcoin (BTC) and USDT.
- Hyperlane enables communication between different blockchains, aiding decentralized finance (DeFi).
- RedStone provides real-time data to blockchain apps through an oracle network powered by the RED token.
- These listings reflect rising demand for blockchain innovation in South Korea ahead of upcoming crypto regulations.
South Korea’s leading cryptocurrency exchange, Upbit, has expanded its trading options by adding two new digital tokens, Hyperlane (HYPER) and RedStone (RED). Starting today, users can trade both tokens using Bitcoin (BTC) or the Tether (USDT) stablecoin. This move strengthens Upbit’s position in the fast-growing crypto market of South Korea by offering more choices to its users.
The crypto exchange posted the following announcement on X:
What Does Hyperlane Do?
Hyperlane is a technology that helps different blockchains “talk” to each other. Blockchains are digital systems that store information, and each one often works in its own way. Hyperlane acts like a translator, helping these different systems connect smoothly. This is especially important for decentralized finance (DeFi), which relies on blockchain systems working together to power apps for borrowing, lending, and trading without intermediaries.
The token behind this technology is HYPER. People use it to help secure the network and vote on key decisions about how Hyperlane should operate in the future. HYPER traded at about $0.17 at the time of writing, with a total market value of over $36 million.
RedStone Brings Real-Time Data to Crypto Apps
RedStone focuses on providing accurate, real-time data to blockchain-based apps. These apps depend on fresh information, like crypto prices or sports scores, to function properly. RedStone’s system is called an oracle network, which feeds trusted data into the blockchain.
The RED token powers this network. It allows users to lock in value (called staking) as a way to keep the system secure and honest. RED is traded around $0.44, at the time of writing, with a market cap topping $125 million.
A Sign of What’s to Come
By offering HYPER and RED in both BTC and USDT trading pairs, Upbit gives its users flexibility. Traders can choose to trade with Bitcoin or with a stablecoin, depending on their strategies and risk comfort. Stablecoins like USDT are designed to hold a steady value, which can help manage the ups and downs common in crypto markets.
These new listings reflect a growing demand in South Korea for tools that make blockchains more connected and more useful. Experts believe the addition of these tokens could lead to greater adoption of similar technologies.
At the same time, South Korea is working on updating its crypto laws. The country’s financial regulator, the Financial Services Commission, plans to release new rules by mid-2025. These updates aim to make the crypto space safer, more transparent, and more appealing to big investors.
As Upbit continues to grow, listings like HYPER and RED may signal bigger changes ahead in South Korea’s crypto scene.
