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

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Coincheck

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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