DAXA, the advisory institution of crypto exchanges in South Korea, made pleasing announcements for two altcoins. Here are the details…
Good news for two altcoins from South Korea’s DAXA
Upbit, one of South Korea’s leading cryptocurrency exchanges, announced on May 23 that the Digital Asset Exchange Association (DAXA) has lifted its investment warnings on WAVES and KAVA. It announced that it continues to accept deposits for these assets. The move comes after a thorough review by DAXA that concluded that previous concerns about these altcoin projects no longer pose a significant risk.
DAXA first issued investment alerts for WAVES and KAVA last year, discovering that stablecoins linked to these assets were not properly pegged to the value of one US dollar. As a result, South Korean exchanges, including UPbit, have placed investment warnings in these tokens, warning users not to invest in them.
Problems solved
A recent review by DAXA reveals that the issues causing the warnings have been resolved. As a result, South Korean exchanges are now allowed to reinstate deposit services for KAVA and WAVES. UPbit has assured users that all deposits made during the suspension of support for these tokens will be properly credited to their account.
DAXA is a consortium of the five largest cryptocurrency exchanges in South Korea, UPbit, Bithumb, Coinone, Korbit and Gopax. It was established in response to the downfall of Terra Luna, with the aim of preventing similar events from occurring in the future. The association conducts aggregate assessments of digital assets and has the authority to delist or issue investment warnings to those that fail to meet its standards. Meanwhile, cryptocoin.com As we have also reported, a serious manipulation claim is on the agenda against Coinone. You can read our news on the subject here.
KAVA and WAVES prices jump
After the announcement of the removal of investment warnings, KAVA and WAVES experienced significant price increases. The value of KAVA has increased by 20 percent in the last 24 hours. It reached $1.26 at the time of publication. The token has been on a positive trend, registering a growth rate of over 50 percent over the past month. KAVA’s recent success can be attributed to the launch of the Kava 13 mainnet and integrating GameFi and NFTs into its ecosystem.
Meanwhile, the value of WAVES rose 14 percent to $1.88 at press time. Waves Labs, the team behind the development of the Waves platform, has previously expressed concerns about the negative impact of the DAXA identification on the token’s performance.
Waves founder Aleksandr Ivanov expressed his gratitude to the community for their support. He admitted that “mind prevailed” with the removal of investment warnings.
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