Upbit opened trading for Bifrost’s BFC token against the South Korean won and USDT on Sept. 10, giving BFC two new markets on South Korea’s largest cryptocurrency exchange by trading volume.
Trading for BFC/KRW and BFC/USDT started at 1:45 p.m. Korea Standard Time, or 04:45 UTC. Upbit said Bifrost Network is the only blockchain supported for BFC deposits and withdrawals.
Users sending BFC through another blockchain should be careful. Upbit warned that deposits made through unsupported networks will not be credited automatically. Recovering those funds could take a long time and may not always be possible.
Upbit also applied temporary trading restrictions when BFC launched. Buy orders were unavailable for about five minutes, while sell orders priced more than 10% below the previous closing price were also restricted during that period.
Only limit orders were available during the first two hours of trading. Market orders and other conditional order types were temporarily unavailable.
Before the new markets opened, Upbit showed a previous BFC closing price of 0.00000015 BTC, which the exchange estimated at 15.96 won and 0.1788 USDT. These were reference prices used for the opening restrictions and should not be treated as confirmed post-listing prices.
Bifrost describes itself as a multichain platform that helps developers connect different blockchain networks. The Bifrost Network uses the Substrate framework and is compatible with Ethereum-based development tools.
BFC is used within the Bifrost ecosystem, including for fees connected to decentralized finance services on BiFi, also known as Bifrost Finance.
Bifrost also operates a Bitcoin-focused DeFi service called BTCFi. The project says users can use Bitcoin as collateral to mint BtcUSD, a dollar-based stablecoin, and then use it in supported lending and yield applications.
These services come with risks, including smart-contract problems, liquidations, bridge issues and stablecoin risks. The project’s descriptions do not guarantee returns for users.
Upbit also requires BFC transfers to follow its deposit and compliance rules. Transfers from unsupported exchanges or networks may not be credited, while personal wallets may need to complete ownership verification.
The exchange can also request information about the source of funds for large or unclear deposits as part of its customer and anti-money-laundering checks.
With the initial restrictions now expired, BFC can trade normally through the supported KRW and USDT markets. However, the listing itself does not guarantee higher prices, strong trading volume or wider adoption of Bifrost products.
For deposits and withdrawals, users must continue using the Bifrost Network supported by Upbit. Any future changes to supported networks or trading services will depend on the exchange’s official announcements.