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Participating as a KBW sponsor is very different from simply attending the event as a speaker.
Even the smaller sponsorship tiers are known to cost anywhere from $1k to $50k, while major sponsorship packages can reach over $100k
This means that projects appearing on the sponsor list are not just attending for exposure—they are making a deliberate investment with the clear intention of entering the Korean market and pursuing an exchange listing.
In short, projects that are willing to pay significant sums to secure a KBW sponsorship demonstrate strong commitment and sufficient capital, making them highly likely candidates for Korean exchange listings. For this reason, the sponsor lineup serves as an important indicator when predicting which projects may succeed in getting listed in Korea.
In the previous part, we examined projects with a high likelihood of listing on Korean exchanges based on the KBW speaker lineup. In this second part, we focus on the more direct indicator—the sponsor list—and analyze the listing potential of projects that invested in sponsorship.
Selection Criteria
Regardless of TGE status, any project with at least some possibility of token issuance was considered.
Projects such as $SUI and $OPNE, whose tokens are already listed on both of Korea’s major exchanges (Upbit and Bithumb), were excluded.
Entities not directly related to tokens, such as VCs, media outlets, and banks, were also excluded.
Note: The sponsor list used here is based on the projects published on the KBW official website as of September 1. Any projects added afterward were not included in this analysis.
The title of Official Conference Partner is awarded to projects that provide the highest level of sponsorship at KBW.
As will be explained later, one of last year’s Official Conference Partner projects, Movement, successfully listed on all major Korean exchanges—Upbit, Bithumb, and Coinone—at the same time as its TGE.
For this reason, projects sponsoring as Official Conference Partners this year are also highly likely to achieve listings on Korean exchanges concurrently with their TGE.
Among the projects on the list, SUI will be excluded since it has already been listed on all Korean exchanges, including Upbit and Bithumb. Instead, we will focus on Stable and 0G.
STABLE
Stable is a stablecoin-focused Layer 1 that uses USDT as the transaction fee token.
It aims to build a financial infrastructure platform capable of delivering stable and fast payment services, and has raised $28M in funding from investors such as Bitfinex, HackVC, and Franklin Templeton.
On Stable, USDT is used as the native gas token, and since no staking or deposit campaigns have been announced yet, the timeline for token issuance remains uncertain.
However, if such announcements are made, the likelihood of a listing on Korean exchanges would be very high.
0G
0G is a decentralized, AI-focused Layer 1 blockchain.
It positions itself as a modular AI platform with high performance, scalability, and transparency, and has raised $75M from investors including HackVC, Delphi Ventures, and OKX.
In addition, through node sales and OTC token sales, the project has secured a total of $359M, which is being used to build out its own AI ecosystem.
The 0G token is expected to undergo its TGE alongside the mainnet launch in September, which is highly likely to coincide with the KBW period.
Title Sponsors can be considered the next tier of sponsorship after Official Conference Partners in terms of scale.
Last year, Sahara AI participated as a Title Sponsor at KBW and successfully listed on Korean exchanges simultaneously with its TGE.
Accordingly, we have identified the projects among this year’s Title Sponsors that are most likely to achieve a Korean exchange listing.
However, we will exclude Bitcoin mining company AmericanBTC, venture capital firm HackVC, and Doge, which is already listed on domestic exchanges.
PEAQ
Peaq is a Layer 1 blockchain that connects and tokenizes machines and devices used across various industries such as energy, mobility, telecommunications, and agriculture, creating a machine economy.
It has raised a total of $23.5M from investors including Borderless Capital, Spartan Group, DWF Labs, and Animoca Brands.
The PEAQ token is traded on Bithumb, Bitget, and Gate, with a market cap of $79M and an FDV of $308M.
The reason Peaq participates as a KBW Title Sponsor, beyond general marketing in the Korean market, is likely to pursue a listing on Upbit.
GAIA
Gaia is an infrastructure platform that allows anyone to easily create and deploy personalized AI agents.
It has raised a total of $20M from investors including Mirana Ventures, Mantle, and ConsenSys.
The GAIA token is traded on Kraken, Bitget, and MEXC, with a market cap of $17M and an FDV of $105M.
Given its relatively low market cap compared to the investment size, if Gaia succeeds in listing on a Korean exchange through KBW participation, it is expected to experience significant price appreciation.
ORBT
The project generates revenue through RWA and DeFi lending markets based on a modular stablecoin.
Since the website has not been launched yet, detailed information about the project is not available. However, it is participating as a KBW Title Sponsor.
It is expected that full-scale promotion of the project will begin around KBW 2025.
TON
Ton is an open-source Layer 1 blockchain.
It was originally developed under the name Telegram Open Network within Telegram, but due to regulatory issues, direct development was halted, and the TON Foundation was established to continue the project independently.
By integrating wallet and payment functions within the Telegram app, Ton enables payments for most Telegram services using TON.
The TON coin is traded on Binance, OKX, Bybit, and Bithumb, with a market cap of $8B and an FDV of $16B. The last major exchange remaining for listing is Upbit.
Having participated consistently as a KBW sponsor since last year, the listing seems inevitable; it’s likely only a matter of time.
SPACECOIN
Spacecoin is a DePIN project aiming to build a global 5G internet infrastructure via satellites.
It is built on Creditcoin (CTC), which is already listed on Upbit, and plans to airdrop SPACE tokens to CTC token holders.
Upbit has announced that it will support the SPACE airdrop for members holding CTC.
While exchanges often support airdrops without listing the token, Spacecoin’s participation as a KBW Title Sponsor makes it relatively more likely that the project will eventually achieve a listing as well.
Being a Diamond Sponsor can be considered the final sponsorship tier at KBW that is meaningfully related to potential listings on Korean exchanges.
However, since Tron and Sahara AI are already listed on all major Korean exchanges, including Upbit and Bithumb, we will omit detailed explanations.
From the Gold Sponsor tier onward, the lower sponsorship cost appears to correspond with a sharply reduced likelihood of listing on Korean exchanges.
Participation as Gold, Silver, Bronze, or Copper sponsors can generally be considered unrelated to potential Korean exchange listings.
Therefore, we will briefly cover only the projects that still show some possibility of listing.
Among the current Gold Sponsors, Uxlink, Chiliz, and Sign are already listed on Korea’s Upbit and Bithumb, leaving Enso and Babyboomtoken as the relevant projects.
ENSO
Enso is a Web3 development platform that eliminates the complexities of blockchain integration, helping developers build products more easily.
It has raised a total of $9.2M from investors including Polychain, Spartan, and Multicoin.
Having already completed a $5M token sale on Coinlist, a token TGE is expected soon.
Given that Enso held a Korean meetup at the Hashed roundtable just before KBW and is participating as a sponsor, it appears to be highly interested in a listing on Korean exchanges.
BABYBOOMTOKEN
Babyboomtoken has a blockchain-based reward system designed to address the global decline in birth rates.
The BBT token is traded on Mexc, Gate, and BingX, with a market cap of $2.15M and an FDV of $133M.
It is essentially a meme-like token, and its small market cap makes it unlikely to meet the listing criteria for Korean exchanges.
Similar to Gold Sponsors, Silver Sponsors are not strongly associated with potential listings on Korean exchanges.
Therefore, only a brief overview will be provided. Tokens such as LayerZero and Avalanche are already listed on Korean exchanges and are thus excluded.
SOON
The SOON token is traded on Bitget, Mexc, Gate, and Kucoin, with a market cap of $80M and an FDV of $270M.
For the Korean market, it is available on Upbit BTC market and Bithumb KRW market.
Upbit occasionally lists coins from the BTC market onto the KRW market—a process referred to as a “side listing.” Since SOON could be a candidate for such a side listing, it is worth keeping an eye on, even though its status as a Silver Sponsor may not be particularly significant.
PAY PROTOCOL
The PCI token is traded on Bithumb, Korbit, Bitget, and HTX, with a market cap of $101M and an FDV of $183M.
It was previously listed on all major Korean exchanges, but trading support was suspended after the Digital Asset Exchange Association (DAXA) cited that Pay Protocol had failed to complete real-name verification accounts and virtual asset business registration.
Danal filed an injunction, but it was dismissed, and following DAXA policy, PCI was only able to be relisted on Bithumb and Korbit one year after delisting.
Recently, with crypto-friendly policies being promoted in the U.S., Pay Protocol—whose business had previously been scaled back due to regulations—is becoming active again, including filing patents for KRW stablecoins, suggesting the possibility of additional exchange listings.
IONET
The IO token is traded on Binance, Bybit, and Coinbase, with a market cap of $103M and an FDV of $412M.
For the Korean market, it is available on Upbit BTC market and Bithumb KRW market.
Similar to SOON, since it is listed on the BTC market, it qualifies as a candidate for a side listing, meaning a KRW market listing could happen at any time.
The majority of projects fall under the Bronze Sponsor tier.
Similar to Gold and Silver sponsors, Bronze Sponsors are not strongly associated with potential listings on Korean exchanges and appear to participate primarily as KBW booth sponsors.
BITLAYER
The BTR token is traded on Bitget, Gate, and Kraken, with a market cap of $13M and an FDV of $50M.
It raised $25M at a $300M valuation from well-known VCs including Polychain Capital, Franklin Templeton, ABCDE, and GSR, but has shown weak performance since its TGE.
Bitlayer has been attending KBW consistently since 2024, even before its token launch. This year, its participation is expected to be strongly aimed at listing on Korean exchanges and promoting the project.
SONIC
The S token is traded on Binance, Bybit, Coinbase, and Bithumb, with a market cap of $874M and an FDV of $978M.
Among the high-volume exchanges, Upbit in Korea is the only major market where it is not yet listed. The project appears to be focusing its efforts on KBW sponsorship and meetups to target this listing.
OPENLEDGER
OpenLedger is a platform for monetizing data models and AI agents.
It has raised a total of $8M from investors including Polychain Capital, Borderless Capital, and Hashkey Capital.
Upon its TGE, the project successfully listed on Binance as well as Korean exchanges Upbit and Bithumb, and is currently traded with a market cap of $300M and an FDV of $1.4B.
GAIB
GAIB is a GPU tokenization platform that connects AI infrastructure with DeFi, creating revenue-generating synthetic assets called AID backed by physical GPU collateral.
It has raised a total of $15M from investors including Hashed, HackVC, Faction, and Amber Group.
Since the Korean VC Hashed and HackVC—commonly seen in projects listing in Korea—participated in the investment, there is potential for a listing on Upbit or Bithumb after the TGE.
Additionally, Upbit had previously refrained from listing stable-related tokens following the collapse of LUNA’s stablecoin TERRA, but recently listed USDe’s governance token ENA, indicating a shift in policy. This suggests that GAIB’s governance token could also potentially be listed after its TGE.
XION
The XION token is traded on Bybit, Bitget, and Gate, with a market cap of $36M and an FDV of $186M.
Since it has not yet succeeded in listing on Korean exchanges after its TGE, it is likely to continue pursuing this.
Other than being an L1 blockchain, there are no notable features, and additional exchange listings appear necessary to drive the token price higher.
ANOMA
Anoma is a platform for building a Web3 decentralized operating system focused on intent-centric applications.
It has raised a total of $57.75M from investors including Polychain Capital, Coinbase Ventures, Electric Capital, and CMCC Global.
Although its sponsorship tier is not particularly high relative to the investment size, sudden listings at TGE—similar to Newton Protocol’s NEWT token—cannot be ruled out.
The token ticker has been confirmed as $XAN, and detailed tokenomics have been released, suggesting that a listing may be approaching soon.
METIS
The METIS token is traded on Binance, Coinbase, OKX, and Bithumb, with a market cap of $98M and an FDV of $150M.
Since it is already listed on almost all major exchanges, Upbit listing appears to be its final target.
Given the recent overall weakness in the L2 sector, METIS has not performed well, so the project will likely aim for price appreciation through its Upbit listing.
SOMNIA
The SOMI token is traded on Binance, Bybit, Bitget, and MEXC, with a market cap of $262M and an FDV of $1.64B.
The token recently conducted its TGE, and no unlocked supply is expected to enter the market in the near term.
However, given the high FDV relative to its market cap, there is potential for a Korean exchange listing in the future to increase liquidity in line with the token unlock schedule.
Copper Sponsors represent the lowest tier of sponsorship, with the smallest contribution amounts.
As a result, the likelihood of Korean exchange listings among Copper Sponsors is generally the lowest. However, since exchange listing criteria can change depending on market conditions, it is still worth keeping an eye on promising projects.
BOUNDLESS
Boundless is a general-purpose ZK protocol developed by RISC Zero.
It conducted a $4M token sale via the Kaito launchpad and is preparing for its mainnet launch and token TGE.
Expectations for Boundless are high, especially since its competitor, Succinct’s PROVE token, listed on Binance and Upbit simultaneously with its TGE and surpassed an FDV of $1B.
To pursue a Korean exchange listing, Boundless plans to hold its own side party during KBW.
ZIRCUIT
The ZRC token is traded on Bybit, Bitget, and Bithumb, with a market cap of $55M and an FDV of $251M.
Backed by investors including YZi Labs, Mirana, and Amber Group, the project has developed an EVM-compatible ZK rollup L2 and completed its TGE.
With approximately two months until the next token unlock, the project is likely preparing for listings on additional Korean exchanges beyond Bithumb to help maintain the token price.
Up to this point, we have summarized the 2025 KBW sponsors that have at least some potential for listing on Korean exchanges.
Based on the previous analysis, to identify projects that successfully achieved KRW listings after participating as KBW sponsors, it is useful to look at precedents from KBW 2024.
In the promotional materials for KBW 2024, Official Conference Partners, Title Sponsors, and Gold Sponsors were featured in the main article images. Among them, the largest sponsorship tier, Official Conference Partners, included two projects: Sui and Movement.
At the time, Sui had already been listed on all Korean exchanges, while Movement participated as a sponsor before its token launch.
However, three months after KBW 2024, in December, Movement conducted its token TGE and on the same day successfully listed on all major Korean exchanges—including Upbit, Bithumb, and Coinone—achieving a simultaneous listing.
The Title Sponsors lineup included Aptos, Tron, Chiliz, Dop, Creditcoin, Sahara AI, Presto, and Ton.
Excluding Aptos, Tron, Chiliz, Creditcoin—which were already listed on Korean exchanges—and the VC Presto, the only project that successfully achieved a new listing on Upbit, Bithumb, and Coinone simultaneously with its TGE after KBW was Sahara AI.
Among Title Sponsors, the projects with potential for listing were Dop, Sahara AI, and Ton. Since only one of the three achieved a new Korean exchange listing, the likelihood is not high, but it is not impossible.
For the largest Gold Sponsors, the projects included Orbs, Flare Network, and Ripple. Both Ripple and Orbs had already supported KRW trading on Upbit and Bithumb, and Flare Network was tradable on Bithumb, so there were no new listings.
From this, it can be inferred that the larger the sponsorship tier at KBW, the higher the potential for a listing on Korean exchanges.
Based on the analysis so far, we have compiled a list of 2025 KBW projects that are likely to achieve KRW listings on Korean exchanges.
0G secured the largest sponsorship tier at KBW, the Official Conference Partners.
Projects backed by Hack VC have generally shown a high probability of listing on Upbit.
Node-based projects tend to achieve Korean exchange listings simultaneously with their TGE with remarkable ease.
According to 0G’s CEO, Michael Heinrich, the project signed the top sponsorship contract at KBW for three consecutive years, which he noted was the largest ever among all projects. This suggests that 0G likely received benefits related to Korean exchange listings.
Although not confirmed, some believe that 0G’s token TGE may coincide with the KBW period.
Both projects participated as Title Sponsors, the tier just below Official Conference Partners, and also served as official KBW speakers.
Both Peaq and Gaia have relatively low market caps, suggesting that if they were listed on Upbit, their price could see significant upside. However, their probability of listing is not as high as 0G.
The key difference is that Gaia has not yet listed in Korea, whereas Peaq is already tradable on Bithumb, making Gaia a higher-risk, higher-reward option compared to Peaq.
Following its participation as a Title Sponsor in KBW 2024, TON is again participating as a Title Sponsor in KBW 2025.
With Upbit being the only major Korean exchange where it is not yet listed, its participation appears to be aimed primarily at securing an Upbit listing.
TON, ranked 22nd by market cap, is a well-established project, so the listing itself seems to be only a matter of time.
Spacecoin is the first DePIN project on Creditcoin L1.
Creditcoin participated as a KBW 2024 sponsor, while Spacecoin is participating as a KBW 2025 sponsor, preparing for entry into the Korean market.
Holders of CTC (Creditcoin) will receive 5% of Spacecoin’s total supply in Season 1, and a larger portion in Season 2.
Major Korean exchanges, including Upbit, Bithumb, and Coinone, officially support this airdrop.
Other projects that may take longer but are likely to eventually list include Sonic, as well as Ionet and Soon, which are already on Upbit’s BTC market and therefore have high potential for KRW listings, and personally, Boundless. Many projects participating as sponsors are potential candidates for Korean exchange listings.
Predicting KRW listings on Korean exchanges is inherently uncertain—unless you are part of the exchange team, it is impossible to know, and market conditions can change at any time.
However, based on past cases, projects that participate as KBW sponsors, especially those with larger sponsorship tiers, have often succeeded in listing on Korean exchanges.
Therefore, this summary was prepared to serve as a reference before KBW officially begins.
By using this information to anticipate and prepare for projects with a high likelihood of Korean exchange listings, investors may find opportunities to achieve significant returns.
This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry high risks, so please conduct thorough research and make careful decisions.
All research comments reflect the views of Uncommon Lab research interns and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.
Participating as a KBW sponsor is very different from simply attending the event as a speaker.
Even the smaller sponsorship tiers are known to cost anywhere from $1k to $50k, while major sponsorship packages can reach over $100k
This means that projects appearing on the sponsor list are not just attending for exposure—they are making a deliberate investment with the clear intention of entering the Korean market and pursuing an exchange listing.
In short, projects that are willing to pay significant sums to secure a KBW sponsorship demonstrate strong commitment and sufficient capital, making them highly likely candidates for Korean exchange listings. For this reason, the sponsor lineup serves as an important indicator when predicting which projects may succeed in getting listed in Korea.
In the previous part, we examined projects with a high likelihood of listing on Korean exchanges based on the KBW speaker lineup. In this second part, we focus on the more direct indicator—the sponsor list—and analyze the listing potential of projects that invested in sponsorship.
Selection Criteria
Regardless of TGE status, any project with at least some possibility of token issuance was considered.
Projects such as $SUI and $OPNE, whose tokens are already listed on both of Korea’s major exchanges (Upbit and Bithumb), were excluded.
Entities not directly related to tokens, such as VCs, media outlets, and banks, were also excluded.
Note: The sponsor list used here is based on the projects published on the KBW official website as of September 1. Any projects added afterward were not included in this analysis.
The title of Official Conference Partner is awarded to projects that provide the highest level of sponsorship at KBW.
As will be explained later, one of last year’s Official Conference Partner projects, Movement, successfully listed on all major Korean exchanges—Upbit, Bithumb, and Coinone—at the same time as its TGE.
For this reason, projects sponsoring as Official Conference Partners this year are also highly likely to achieve listings on Korean exchanges concurrently with their TGE.
Among the projects on the list, SUI will be excluded since it has already been listed on all Korean exchanges, including Upbit and Bithumb. Instead, we will focus on Stable and 0G.
STABLE
Stable is a stablecoin-focused Layer 1 that uses USDT as the transaction fee token.
It aims to build a financial infrastructure platform capable of delivering stable and fast payment services, and has raised $28M in funding from investors such as Bitfinex, HackVC, and Franklin Templeton.
On Stable, USDT is used as the native gas token, and since no staking or deposit campaigns have been announced yet, the timeline for token issuance remains uncertain.
However, if such announcements are made, the likelihood of a listing on Korean exchanges would be very high.
0G
0G is a decentralized, AI-focused Layer 1 blockchain.
It positions itself as a modular AI platform with high performance, scalability, and transparency, and has raised $75M from investors including HackVC, Delphi Ventures, and OKX.
In addition, through node sales and OTC token sales, the project has secured a total of $359M, which is being used to build out its own AI ecosystem.
The 0G token is expected to undergo its TGE alongside the mainnet launch in September, which is highly likely to coincide with the KBW period.
Title Sponsors can be considered the next tier of sponsorship after Official Conference Partners in terms of scale.
Last year, Sahara AI participated as a Title Sponsor at KBW and successfully listed on Korean exchanges simultaneously with its TGE.
Accordingly, we have identified the projects among this year’s Title Sponsors that are most likely to achieve a Korean exchange listing.
However, we will exclude Bitcoin mining company AmericanBTC, venture capital firm HackVC, and Doge, which is already listed on domestic exchanges.
PEAQ
Peaq is a Layer 1 blockchain that connects and tokenizes machines and devices used across various industries such as energy, mobility, telecommunications, and agriculture, creating a machine economy.
It has raised a total of $23.5M from investors including Borderless Capital, Spartan Group, DWF Labs, and Animoca Brands.
The PEAQ token is traded on Bithumb, Bitget, and Gate, with a market cap of $79M and an FDV of $308M.
The reason Peaq participates as a KBW Title Sponsor, beyond general marketing in the Korean market, is likely to pursue a listing on Upbit.
GAIA
Gaia is an infrastructure platform that allows anyone to easily create and deploy personalized AI agents.
It has raised a total of $20M from investors including Mirana Ventures, Mantle, and ConsenSys.
The GAIA token is traded on Kraken, Bitget, and MEXC, with a market cap of $17M and an FDV of $105M.
Given its relatively low market cap compared to the investment size, if Gaia succeeds in listing on a Korean exchange through KBW participation, it is expected to experience significant price appreciation.
ORBT
The project generates revenue through RWA and DeFi lending markets based on a modular stablecoin.
Since the website has not been launched yet, detailed information about the project is not available. However, it is participating as a KBW Title Sponsor.
It is expected that full-scale promotion of the project will begin around KBW 2025.
TON
Ton is an open-source Layer 1 blockchain.
It was originally developed under the name Telegram Open Network within Telegram, but due to regulatory issues, direct development was halted, and the TON Foundation was established to continue the project independently.
By integrating wallet and payment functions within the Telegram app, Ton enables payments for most Telegram services using TON.
The TON coin is traded on Binance, OKX, Bybit, and Bithumb, with a market cap of $8B and an FDV of $16B. The last major exchange remaining for listing is Upbit.
Having participated consistently as a KBW sponsor since last year, the listing seems inevitable; it’s likely only a matter of time.
SPACECOIN
Spacecoin is a DePIN project aiming to build a global 5G internet infrastructure via satellites.
It is built on Creditcoin (CTC), which is already listed on Upbit, and plans to airdrop SPACE tokens to CTC token holders.
Upbit has announced that it will support the SPACE airdrop for members holding CTC.
While exchanges often support airdrops without listing the token, Spacecoin’s participation as a KBW Title Sponsor makes it relatively more likely that the project will eventually achieve a listing as well.
Being a Diamond Sponsor can be considered the final sponsorship tier at KBW that is meaningfully related to potential listings on Korean exchanges.
However, since Tron and Sahara AI are already listed on all major Korean exchanges, including Upbit and Bithumb, we will omit detailed explanations.
From the Gold Sponsor tier onward, the lower sponsorship cost appears to correspond with a sharply reduced likelihood of listing on Korean exchanges.
Participation as Gold, Silver, Bronze, or Copper sponsors can generally be considered unrelated to potential Korean exchange listings.
Therefore, we will briefly cover only the projects that still show some possibility of listing.
Among the current Gold Sponsors, Uxlink, Chiliz, and Sign are already listed on Korea’s Upbit and Bithumb, leaving Enso and Babyboomtoken as the relevant projects.
ENSO
Enso is a Web3 development platform that eliminates the complexities of blockchain integration, helping developers build products more easily.
It has raised a total of $9.2M from investors including Polychain, Spartan, and Multicoin.
Having already completed a $5M token sale on Coinlist, a token TGE is expected soon.
Given that Enso held a Korean meetup at the Hashed roundtable just before KBW and is participating as a sponsor, it appears to be highly interested in a listing on Korean exchanges.
BABYBOOMTOKEN
Babyboomtoken has a blockchain-based reward system designed to address the global decline in birth rates.
The BBT token is traded on Mexc, Gate, and BingX, with a market cap of $2.15M and an FDV of $133M.
It is essentially a meme-like token, and its small market cap makes it unlikely to meet the listing criteria for Korean exchanges.
Similar to Gold Sponsors, Silver Sponsors are not strongly associated with potential listings on Korean exchanges.
Therefore, only a brief overview will be provided. Tokens such as LayerZero and Avalanche are already listed on Korean exchanges and are thus excluded.
SOON
The SOON token is traded on Bitget, Mexc, Gate, and Kucoin, with a market cap of $80M and an FDV of $270M.
For the Korean market, it is available on Upbit BTC market and Bithumb KRW market.
Upbit occasionally lists coins from the BTC market onto the KRW market—a process referred to as a “side listing.” Since SOON could be a candidate for such a side listing, it is worth keeping an eye on, even though its status as a Silver Sponsor may not be particularly significant.
PAY PROTOCOL
The PCI token is traded on Bithumb, Korbit, Bitget, and HTX, with a market cap of $101M and an FDV of $183M.
It was previously listed on all major Korean exchanges, but trading support was suspended after the Digital Asset Exchange Association (DAXA) cited that Pay Protocol had failed to complete real-name verification accounts and virtual asset business registration.
Danal filed an injunction, but it was dismissed, and following DAXA policy, PCI was only able to be relisted on Bithumb and Korbit one year after delisting.
Recently, with crypto-friendly policies being promoted in the U.S., Pay Protocol—whose business had previously been scaled back due to regulations—is becoming active again, including filing patents for KRW stablecoins, suggesting the possibility of additional exchange listings.
IONET
The IO token is traded on Binance, Bybit, and Coinbase, with a market cap of $103M and an FDV of $412M.
For the Korean market, it is available on Upbit BTC market and Bithumb KRW market.
Similar to SOON, since it is listed on the BTC market, it qualifies as a candidate for a side listing, meaning a KRW market listing could happen at any time.
The majority of projects fall under the Bronze Sponsor tier.
Similar to Gold and Silver sponsors, Bronze Sponsors are not strongly associated with potential listings on Korean exchanges and appear to participate primarily as KBW booth sponsors.
BITLAYER
The BTR token is traded on Bitget, Gate, and Kraken, with a market cap of $13M and an FDV of $50M.
It raised $25M at a $300M valuation from well-known VCs including Polychain Capital, Franklin Templeton, ABCDE, and GSR, but has shown weak performance since its TGE.
Bitlayer has been attending KBW consistently since 2024, even before its token launch. This year, its participation is expected to be strongly aimed at listing on Korean exchanges and promoting the project.
SONIC
The S token is traded on Binance, Bybit, Coinbase, and Bithumb, with a market cap of $874M and an FDV of $978M.
Among the high-volume exchanges, Upbit in Korea is the only major market where it is not yet listed. The project appears to be focusing its efforts on KBW sponsorship and meetups to target this listing.
OPENLEDGER
OpenLedger is a platform for monetizing data models and AI agents.
It has raised a total of $8M from investors including Polychain Capital, Borderless Capital, and Hashkey Capital.
Upon its TGE, the project successfully listed on Binance as well as Korean exchanges Upbit and Bithumb, and is currently traded with a market cap of $300M and an FDV of $1.4B.
GAIB
GAIB is a GPU tokenization platform that connects AI infrastructure with DeFi, creating revenue-generating synthetic assets called AID backed by physical GPU collateral.
It has raised a total of $15M from investors including Hashed, HackVC, Faction, and Amber Group.
Since the Korean VC Hashed and HackVC—commonly seen in projects listing in Korea—participated in the investment, there is potential for a listing on Upbit or Bithumb after the TGE.
Additionally, Upbit had previously refrained from listing stable-related tokens following the collapse of LUNA’s stablecoin TERRA, but recently listed USDe’s governance token ENA, indicating a shift in policy. This suggests that GAIB’s governance token could also potentially be listed after its TGE.
XION
The XION token is traded on Bybit, Bitget, and Gate, with a market cap of $36M and an FDV of $186M.
Since it has not yet succeeded in listing on Korean exchanges after its TGE, it is likely to continue pursuing this.
Other than being an L1 blockchain, there are no notable features, and additional exchange listings appear necessary to drive the token price higher.
ANOMA
Anoma is a platform for building a Web3 decentralized operating system focused on intent-centric applications.
It has raised a total of $57.75M from investors including Polychain Capital, Coinbase Ventures, Electric Capital, and CMCC Global.
Although its sponsorship tier is not particularly high relative to the investment size, sudden listings at TGE—similar to Newton Protocol’s NEWT token—cannot be ruled out.
The token ticker has been confirmed as $XAN, and detailed tokenomics have been released, suggesting that a listing may be approaching soon.
METIS
The METIS token is traded on Binance, Coinbase, OKX, and Bithumb, with a market cap of $98M and an FDV of $150M.
Since it is already listed on almost all major exchanges, Upbit listing appears to be its final target.
Given the recent overall weakness in the L2 sector, METIS has not performed well, so the project will likely aim for price appreciation through its Upbit listing.
SOMNIA
The SOMI token is traded on Binance, Bybit, Bitget, and MEXC, with a market cap of $262M and an FDV of $1.64B.
The token recently conducted its TGE, and no unlocked supply is expected to enter the market in the near term.
However, given the high FDV relative to its market cap, there is potential for a Korean exchange listing in the future to increase liquidity in line with the token unlock schedule.
Copper Sponsors represent the lowest tier of sponsorship, with the smallest contribution amounts.
As a result, the likelihood of Korean exchange listings among Copper Sponsors is generally the lowest. However, since exchange listing criteria can change depending on market conditions, it is still worth keeping an eye on promising projects.
BOUNDLESS
Boundless is a general-purpose ZK protocol developed by RISC Zero.
It conducted a $4M token sale via the Kaito launchpad and is preparing for its mainnet launch and token TGE.
Expectations for Boundless are high, especially since its competitor, Succinct’s PROVE token, listed on Binance and Upbit simultaneously with its TGE and surpassed an FDV of $1B.
To pursue a Korean exchange listing, Boundless plans to hold its own side party during KBW.
ZIRCUIT
The ZRC token is traded on Bybit, Bitget, and Bithumb, with a market cap of $55M and an FDV of $251M.
Backed by investors including YZi Labs, Mirana, and Amber Group, the project has developed an EVM-compatible ZK rollup L2 and completed its TGE.
With approximately two months until the next token unlock, the project is likely preparing for listings on additional Korean exchanges beyond Bithumb to help maintain the token price.
Up to this point, we have summarized the 2025 KBW sponsors that have at least some potential for listing on Korean exchanges.
Based on the previous analysis, to identify projects that successfully achieved KRW listings after participating as KBW sponsors, it is useful to look at precedents from KBW 2024.
In the promotional materials for KBW 2024, Official Conference Partners, Title Sponsors, and Gold Sponsors were featured in the main article images. Among them, the largest sponsorship tier, Official Conference Partners, included two projects: Sui and Movement.
At the time, Sui had already been listed on all Korean exchanges, while Movement participated as a sponsor before its token launch.
However, three months after KBW 2024, in December, Movement conducted its token TGE and on the same day successfully listed on all major Korean exchanges—including Upbit, Bithumb, and Coinone—achieving a simultaneous listing.
The Title Sponsors lineup included Aptos, Tron, Chiliz, Dop, Creditcoin, Sahara AI, Presto, and Ton.
Excluding Aptos, Tron, Chiliz, Creditcoin—which were already listed on Korean exchanges—and the VC Presto, the only project that successfully achieved a new listing on Upbit, Bithumb, and Coinone simultaneously with its TGE after KBW was Sahara AI.
Among Title Sponsors, the projects with potential for listing were Dop, Sahara AI, and Ton. Since only one of the three achieved a new Korean exchange listing, the likelihood is not high, but it is not impossible.
For the largest Gold Sponsors, the projects included Orbs, Flare Network, and Ripple. Both Ripple and Orbs had already supported KRW trading on Upbit and Bithumb, and Flare Network was tradable on Bithumb, so there were no new listings.
From this, it can be inferred that the larger the sponsorship tier at KBW, the higher the potential for a listing on Korean exchanges.
Based on the analysis so far, we have compiled a list of 2025 KBW projects that are likely to achieve KRW listings on Korean exchanges.
0G secured the largest sponsorship tier at KBW, the Official Conference Partners.
Projects backed by Hack VC have generally shown a high probability of listing on Upbit.
Node-based projects tend to achieve Korean exchange listings simultaneously with their TGE with remarkable ease.
According to 0G’s CEO, Michael Heinrich, the project signed the top sponsorship contract at KBW for three consecutive years, which he noted was the largest ever among all projects. This suggests that 0G likely received benefits related to Korean exchange listings.
Although not confirmed, some believe that 0G’s token TGE may coincide with the KBW period.
Both projects participated as Title Sponsors, the tier just below Official Conference Partners, and also served as official KBW speakers.
Both Peaq and Gaia have relatively low market caps, suggesting that if they were listed on Upbit, their price could see significant upside. However, their probability of listing is not as high as 0G.
The key difference is that Gaia has not yet listed in Korea, whereas Peaq is already tradable on Bithumb, making Gaia a higher-risk, higher-reward option compared to Peaq.
Following its participation as a Title Sponsor in KBW 2024, TON is again participating as a Title Sponsor in KBW 2025.
With Upbit being the only major Korean exchange where it is not yet listed, its participation appears to be aimed primarily at securing an Upbit listing.
TON, ranked 22nd by market cap, is a well-established project, so the listing itself seems to be only a matter of time.
Spacecoin is the first DePIN project on Creditcoin L1.
Creditcoin participated as a KBW 2024 sponsor, while Spacecoin is participating as a KBW 2025 sponsor, preparing for entry into the Korean market.
Holders of CTC (Creditcoin) will receive 5% of Spacecoin’s total supply in Season 1, and a larger portion in Season 2.
Major Korean exchanges, including Upbit, Bithumb, and Coinone, officially support this airdrop.
Other projects that may take longer but are likely to eventually list include Sonic, as well as Ionet and Soon, which are already on Upbit’s BTC market and therefore have high potential for KRW listings, and personally, Boundless. Many projects participating as sponsors are potential candidates for Korean exchange listings.
Predicting KRW listings on Korean exchanges is inherently uncertain—unless you are part of the exchange team, it is impossible to know, and market conditions can change at any time.
However, based on past cases, projects that participate as KBW sponsors, especially those with larger sponsorship tiers, have often succeeded in listing on Korean exchanges.
Therefore, this summary was prepared to serve as a reference before KBW officially begins.
By using this information to anticipate and prepare for projects with a high likelihood of Korean exchange listings, investors may find opportunities to achieve significant returns.
This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry high risks, so please conduct thorough research and make careful decisions.
All research comments reflect the views of Uncommon Lab research interns and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.
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