Paycoin (PCI) plummeted 60% within 1 hour after being delisted by South Korean exchanges

In a recent announcement by the Digital Asset Exchange Alliance (DAXA), which includes major Korean digital asset exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax, it was announced that it will suspend trading for Paycoin (PCI) on April 14 support.

The news sent shockwaves through the cryptocurrency market, causing PCI prices to drop 60% in an hour. At the time of writing, it was trading at $0.12 (161 won), down from $0.3 previously.

South Korea's major exchanges delisted simultaneously

PCI price chart | Source: Tradingview

Paycoin is developed on Hyperledger Fabric (HLF), a cryptocurrency payment platform designed to provide easy and convenient payment solutions for e-commerce and retail purposes. The project is backed by Korea-based payment company Danal.

Unlike traditional blockchains where anyone can participate in data processing, HLF is a private blockchain where only authorized nodes can join the network. This ensures fast transaction speeds and good privacy, making it ideal for payment services.

DAXA’s decision to end PCI support is a blow to the Paycoin project and its supporters. At this time, it is unclear what led to the decision, but it is likely driven by a range of factors, including concerns about compliance, safety and market demand. .

The move highlights the challenges facing crypto projects and exchanges, which are often subject to intense scrutiny and regulatory pressure. It also highlights the importance of maintaining a close relationship with digital asset exchanges and their clients, as well as the need for transparency and clear information.

Mr. teacher

according to Kyptos

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