Kava, Waves pump as South Korean exchanges resume deposits News ▸ South Korea ▸ Exchanges
Kava, Waves pump as South Korean exchanges resume deposits
Waves founder Aleksandr 'Sasha' Ivanov praised the exchanges, adding that "reason has prevailed."
2 min read
Updated: May. 23, 2023 at 10:45 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
South Korean exchange UPbit affirmed that the Digital Asset Exchange Association (DAXA) removed investment warnings on WAVES and KAVA and resumed deposits for these assets, according to a May 23 statement.
DAXA issued warnings about WAVES and KAVA last year when stablecoins linked to them were discovered to be “not normally linked to 1 dollar”. At the time, the South Korean exchanges attached an “investment warning” to these assets, warning their users about investing in them.
Upon review of these assets, DAXA said the exchanges no longer see them as a significant risk, adding that its reasons for designating them as caution items have now been resolved. This means the South Korean exchanges can resume deposit services for KAVA and WAVES.
UPbit said deposits that happened when support for these tokens was suspended would be reflected in users’ accounts.
DAXA is a collective of the top five crypto exchanges in South Korea, including UpBit, Bithumb, Coinone, Korbit, and Gopax. The association was formed after the Terra Luna collapse to prevent a similar recurrence.
Since then, the exchanges jointly review digital assets and can delist those that do not meet their standards and designate them with investment warnings.
Kava, Waves pump
Following the news, KAVA and WAVES have risen by double digits, according to CryptoSlate’s data.
KAVA is up 13% in the last 24 hours and is trading for $1.21 as of press time. The token has enjoyed a positive run over the past month, rising more than 50%.
The run has coincided with the launch of the Kava 13 mainnet and the introduction of GameFi and NFTs to its ecosystem.
Meanwhile, WAVES rose 14.7% to $1.88 at the time of writing. Waves Labs had previously said the DAXA designation had negatively affected the token.
Speaking on the new warning removal, Waves founder Aleksandr ‘Sasha’ Ivanov thanked the community, adding that “reason has prevailed.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Kava is a lightning-fast Layer-1 blockchain featuring a developer-optimized co-chain architecture that combines the two most used permissionless ecosystems – Ethereum and Cosmos – into a single, scalable, network.
Waves
$1.50223
Waves is an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions, aiming to raise security, reliability and speed of IT systems.
GOPAX
GOPAX (Global Online Professional Asset eXchange) is a South Korean cryptocurrency exchange that was launched by Streami Inc., a blockchain services company, in November 2017.