South Korea's largest cryptocurrency exchange, Upbit, announced the listing of RedStone (RED) on its Korean won (KRW) market, effective September 5, 2025, at 17:00 KST (UTC+9). The listing supports deposits and withdrawals exclusively via the Ethereum network, with the contract address 0xc43c6bfe. Trading may be delayed if sufficient liquidity isn't secured.
Upon announcement, RED's price surged 83%, reaching $1.1900 on Binance. Upbit imposed trading restrictions: for the first five minutes, sell orders 10% below the previous day's closing price (0.00000366 BTC or 568.8 KRW) are blocked, and only limit orders are allowed for the initial two hours. Deposits and withdrawals require ownership-verified personal wallets.
The listing follows RedStone's acquisition of Credora, a Coinbase Ventures-backed on-chain credit rating platform, on September 4, 2025. This merger aims to combine real-time data feeds with credit assessment capabilities, bolstering RedStone's DeFi oracle and credit infrastructure. Despite strong token performance, concerns linger over low network activity and total value locked (TVL), raising questions about sustained adoption.