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Coincheck Brings Back Account Openings, Purchases, and Deposits For Selected Coins

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Coincheck
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Cryptocurrency exchange going by the name of Coincheck has just announced that it will bring back purchases and deposits for some cryptocurrencies.

Coincheck re-introduces some of its former services

Coincheck is a crypto exchange that has had a lot of issues throughout 2018, starting with a major hack that hit the exchange back in January. After the hack, Coincheck was in bad shape, and it was soon purchased by a Japan-based brokerage company called Monex Group. This was in April 2018, and the exchange was bought for around $33.5 million.

Coincheck attempted to recover on its own in February, and it resumed JPY withdrawals, as well as remitting and selling several coins. Most of this was done by taking one step at the time throughout the first half of 2018.

This is the way the exchange continued to recover up to this point, and the new press release states that several chosen cryptocurrencies are now available for deposit. These include Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). Furthermore, the exchange has made BCH, LTC, and ETC available for purchase as well, while Bitcoin is still suspended due to the attack.

Coincheck also announced that users can now open new accounts, however, this only includes customers based in Japan. In addition, those interested in opening an account will have to go through the KYC process. This is required due to regulation brought by Japan’s FSA.

Coincheck’s recovery and plans for the future

Due to the incident that has left the exchange in a very bad shape, Coincheck is seeking confirmation of technical safety for all of the products and services. This is done in order to prevent another attack, as well as to avoid fines for insufficient security. Apart from having its reputation damaged after the hack, the exchange was in dire need of funds, which the Monex Group used to buy it in the first place.

Now that the exchange feels confident enough to get back into the crypto business, many have seen it as a good sign. Not only is Coincheck finally making a return, but it will also mean a lot for Monex Group. As mentioned, the exchange has had a lot of losses throughout this year, and by purchasing it, Monex felt the consequences of the incident as well.

Thanks to the return of the exchange and its services, it is expected that Coincheck will perform much better in the following quarters. While the speed of the recovery is something that has yet to be established, the crypto community has welcomed this move as a positive one.

Finally, while Coincheck announced that it will make its recovery one step at the time, it has already made a lot of plans for the future. These include things such as bringing back leverage transactions for new positions, JPY depositing via convenience stores, affiliate service, and alike. Of course, all of these services will first need to be confirmed from the security perspective before they are officially re-introduced.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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