Phala Network (PHA) Jumps 33% After Bithumb KRW Listing

South Korean crypto exchange Bithumb has announced the upcoming listing of Phala Network ($PHA) on its Korean won market. PHA saw a sharp surge soon after the announcement was made public. 

PHA is currently trading near $0.04340, after a gain of more than 33% over the past 24 hours. The rally comes amid returned interest from traders, as listings on major regional exchanges often attract fresh visibility.

PHA Surges After Bithumb’s Listing

According to the exchange, trading for the PHA/KRW pair is scheduled to begin at 3:00 PM on March 20, 2026. Deposits and withdrawals are expected to open within two hours of the notice being issued. As with other listings, the token will be supported only on the Ethereum network. Transfers from other networks will not be processed, and users have been advised to check network compatibility before initiating deposits.

Bithumb has set the reference price for PHA at 48.24 won. Deposits will need 33 confirmations before they can be credited to user accounts. These are to keep order during the initial trading window. The platform will also provide temporary restrictions to dampen early volatility.

Buy orders will be restricted for the first five minutes after trading begins. Sell orders that fall significantly below or above the reference price will be restricted within the same time frame. Furthermore, limit orders will be open only for roughly two hours after launch, while other order types will not be available. These measures are often employed when a new asset is introduced. Speculative demand and thin liquidity can prompt sharp price swings in early trading phases.

Exchanges attempt to curb extreme movements and create a more stable environment by placing short-term limits.

Phala Network operates as a privacy-focused blockchain project. It aims to provide secure computing services by integrating confidentiality features into decentralised applications. The protocol is designed to support data protection and allows developers to build and run applications that require privacy at the infrastructure level.

The PHA token is used for network governance, staking, and payments tied to computing services. The network’s participants are using the token to access and maintain the system and, therefore, it has come to be a key design feature within the protocol. Bithumb also outlined the compliance requirements for deposits and withdrawals, in addition to listing details.

The exchange will only transact with approved virtual asset service providers, as specified by regulatory standards. Transfers from unsupported platforms might not be credited and could take longer to resolve. Users were also instructed to carefully examine their wallet addresses before making deposits. Transfers that are incorrect and, especially when those carry unsupported networks or mismatched address formats, may result in delays or loss of funds. Recovery pathways are restricted and vary with terms that are imposed by the exchange.

Additional precautions have been put in place for new users. Accounts created within seven days of the announcement may face temporary restrictions on deposits and withdrawals. The exchange may also require further verification in certain cases, particularly when large transactions are involved.

Bithumb noted that the start of trading could be adjusted depending on liquidity conditions. If sufficient market depth is not established, the launch may be delayed to ensure smoother trading activity.

Also Read: Bithumb Lists Fabric Protocol on KRW Market; $ROBO Volume Rises