What a reference rate is

A reference rate is a single price representing the value of a digital asset at a given point in time.

Execution prices differ across exchanges because liquidity, participant mix and short-term supply and demand differ. A reference rate consolidates market data from multiple exchanges under a defined methodology to produce one reference price that is not driven by any single exchange or trade.

A reference rate is not a market quote intended for price display; it is a benchmark for use cases that require a single, auditable price. Typical applications include fund NAV calculation, settlement of financial products, fair value measurement, and valuation for accounting and tax purposes.

The KRW Reference Rate is calculated from market data across the five major domestic Korean won exchanges and is expressed in Korean won (KRW).

The methodology follows the approach used by major global reference rates, and the calculation and control procedures are built on the IOSCO Principles for Financial Benchmarks. Volume weighting and median-based statistical techniques are applied to market data over the calculation window, structurally limiting the effect of anomalous trades and short-term price distortion.

Constituent exchanges are selected to reflect the liquidity distribution and structure of the domestic Korean won market, and are reassessed against eligibility criteria on a regular basis.

Reference rates are provided as a daily rate and a real-time rate. Both follow the same design principles, so the basis remains consistent between intraday and fixed daily prices.