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Korbit Removes Five Coins Including Monero (XMR) and STEEM

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Korbit

Korbit, the largest South Korean Bitcoin exchange platform, has announced on May 21 that it will soon delist five cryptos. The purchase of the coins will stop on May 28, and the sale is to be terminated on June 21. All coin holders are advised to get their affairs regarding these currencies in order until then.

Korbit turns its back on five cryptos

Korbit has issued quite an announcement yesterday, stating that it plans to terminate all purchases and sales of five cryptocurrencies within a month. The cryptos in question are Monero (XMR), Dash (DASH), Augur (REP), ZCash (ZEC) and Steem (STEEM). All of the mentioned coins are listed as “Other Digital Assets” on Korbit, while cryptos outside of this category will continue trading as usual.

This exchange is the oldest and largest one in South Korea, and it has stated that the trades involving these coins might return at a later date. Unfortunately, the date has yet to be established. All users are advised to “protect their interest”, as the exchange put it, before the trade is officially terminated. According to the statement, the purchase of the five coins will continue until May 28, while the sale will be possible until June 21. After these dates, the token holders won’t be able to trade in these cryptos any longer.

So far, Korbit has not issued an official explanation regarding why it is removing these coins. However, it is believed that there might be several reasons to do so, with the most probable one being that it simply follows Coincheck’s decision to remove the same coins.

After the Coincheck hack in January, the exchange was being thoroughly examined by the Financial Services Authority of Japan. The goal of this was to determine whether the exchange is capable of continuing business after such a big incident. The examination has concluded that Coincheck should not deal in cryptos that are seen as concerning, which includes four cryptos – Monero (XMR), Dash (DASH), Augur (REP), and ZCash (ZEC).

Only a week has passed since Coincheck removed these coins when Korbit decided to do the same, with the addition of Steem (STEEM).

Why did Korbit remove these cryptos?

So far, speculators were able to think of three most likely reasons for this decision. The first one might be that these coins simply did not receive the expected trading volume.

The second reason includes the exchange’s potential plans to expand to Japan, which some have been expecting for a while now. If this is true, then it is not surprising that Korbit removed the same coins that Coincheck had to delist. Its very entrance to Japan’s market might have depended on it, and the exchange simply decided to follow the same rules that Coincheck received.

The third and last potential reason is that it is simply following Coincheck’s lead on this. It is possible that Korbit relied on Coincheck’s liquidity regarding the crypto markets, and it simply had to follow along when the liquidity dried up.

Whatever the case may be, the decision has been made, and it has already affected the coins’ value. All of the five coins have experienced a significant drop in their prices. This even includes ZCash, despite the fact that it was recently added to the Gemini, the most regulated exchange in the US.

The future of privacy coins like these is still unknown, but others like Ethereum (ETH) and Bitcoin (BTC) seem to be thriving when privacy coins are losing the battle.

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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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