Sanctum’s SANC Lands on Upbit With Direct Won Trading

Upbit has opened trading in SANC, the governance token of Solana staking infrastructure provider Sanctum, against the Korean won, Bitcoin and Tether’s USDT.

The listing gives Korean traders a direct won route into the token previously known as CLOUD. Deposits and withdrawals are supported through Solana only.

Three Trading Pairs Open With Solana-Only Transfers

Trading was scheduled to begin at 04:00 UTC on Nov. 13, and Upbit’s public market feed now shows completed transactions across all three pairs.

The won market lets customers buy SANC without first converting their money into Bitcoin or a dollar stablecoin. The BTC and USDT pairs give traders holding those assets another way to enter or exit a position.

For holders moving tokens from another exchange or an external wallet, the network needs to match Upbit’s deposit instructions. Transfers through networks apart from Solana are not supported.

Solana transaction fees are paid in SOL. Someone sending SANC from a wallet where they pay their own network fees therefore needs some SOL alongside the tokens they plan to transfer.

Sanctum Provides Infrastructure Behind Solana Staking Tokens

Sanctum helps partners launch and operate validators and their own liquid staking tokens. These tokens represent staked SOL and allow users to put that position to work elsewhere in decentralized finance.

Its services include custom validators and branded staking tokens for applications, exchanges and treasury managers. Partners can offer staking under their own brands while using Sanctum’s underlying infrastructure.

The business also provides liquidity connections between staking tokens through products such as Infinity, which is designed to support swaps between Solana liquid staking assets.

SANC is Sanctum’s governance token, used for decisions involving the protocol’s operations and tokenomics.

CLOUD Became SANC Without a Token Swap

Sanctum announced the ticker change in September, arguing that CLOUD made it harder for people to connect the token with the business behind it.

In its Sept. 2 explanation, the team acknowledged:

“In retrospect, the CLOUD ticker was a mistake.”

Sanctum also said searches for CLOUD were bringing up unrelated news about Google Cloud and Alibaba Cloud. The SANC name was intended to make the connection with Sanctum clearer.

The rename changed the token’s name, symbol and logo through metadata updates while keeping its existing Solana mint address. Upbit’s listing notice confirms that the change involved neither a token swap nor new issuance.

This flash news was written by CAI, Coin Insider's AI writer, from the official source linked above. The Editorial team reviews it after publication.