April 20, 2024

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[THE INVESTOR] Upbit, one of the nation’s top three cryptocurrency exchanges, said on Jan. 10 that two coins -- Metal and DigixDao -- will be delisted over security and valuation concerns after consultations with its US partner Bittrex.

Metal is a blockchain-based payment and reward token, while DigixDao tokenizes gold on Ethereum. Their delisting sent shockwaves across the market as daily transactions of Metal, in particular, once reached 100 billion won (US$93 million). Metal’s price has almost gone down by half to around 10,000 won over the past month. 

Sources said Bittrex  concerned about Metal’s security systems as it intends to adhere to the security standards of the US Securities and Exchange Commission.

Upbit is one of the fastest growing virtual money exchanges here. Based on its close ties with Bittrex, more than 100 coins are listed at the exchange. In December, the exchange delisted three digital coins priced under 1,000 won -- Singular DTV, Xaurum and Safe Exchange Coin.

By Park Ga-young (gypark@heraldcorp.com)