The trading volume of the new crypto token SEI exceeded $1.6 bln in a day

The trading volume of the cryptocurrency token SEI exceeded $1.6 billion on Binance and UpBit overnight

The token surpassed in turnover such coins as XRP and BNB, and the bulk of trading took place on the Korean exchange UpBit

The trading volume of SEI tokens on crypto exchanges exceeded $1.6 billion on the first day of trading, surpassing the turnover of major crypto assets, including Ripple's XRP, BNB, or Dogecoin (DOGE).

On Tuesday, August 15, blockchain project Sei Network issued its own SEI token, organizing its partial sale through the Binance Lauchpool platform and distributing it as an airdrop to active users who participated in the project's early-stage testing.

SEI trading has started on major exchanges, including Binance, Bybit, Huobi, Kraken, and Korea's UpBit, which accounts for nearly $900 million in trading volume, according to CoinMarketCap.

Korea's largest trading platform started trading SEI a few hours after Binance, but it was its listing that led to a noticeable jump in the token's price, where it traded at a premium for a while ($0.64 vs. $0.45 on other exchanges). As of 15:00, SEI is trading at $0.25.

Sei Network is a standalone blockchain built on software solutions from the Cosmos ecosystem. The developers position it as a network for high-frequency trading applications with high transaction processing speed. In April, the project raised $30 million from Jump Crypto, Multicoin Capital, and Flow Traders at a valuation of $800 million.

Back in early June, turnover on Korean crypto exchanges surged, with most of the traders' transactions falling not on bitcoin, but on less capitalized cryptocurrencies.