Japan’s Crypto Exchange Coincheck Set to Add Qtum

Japan’s Crypto Exchange Coincheck to Support Qtum Soon

Japan-based crypto exchange Coincheck has announced that it will support trading cryptocurrency Qtum (QTUM) on its platform soon.

The exchange currently supports a total of 11 cryptocurrencies. Thus, it will allow users to buy, sell, send and receive the new currency.

Nevertheless, investors will use Qtum for Coincheck’s lending service. By agreeing to a loan contract, they can lend their cryptocurrencies to the exchange. Upon the expiry of the contract, the platform must refund Qtum with an extra annual percentage rate.

Coincheck expands business

Last month, Coincheck has announced expanding its over-the-counter (OTC) trading service to include Bitcoin and Bitcoin Cash. The platform operates around the clock.  

In April 2019, the company has launched its OTC service to allow users to trade cryptocurrencies at the best prices.

Accordingly, the expansion allows users to trader five different currencies; BTC, BCH, LTC, XRP and ETH.

In 2018, it was reported that the exchange has suffered a $500 million hack. Accordingly, the firm lost his license to operate in Japan and was ordered by the government to reapply for a new license.

Founded in December 2016, Coincheck is a crypto exchange working with Google and Amazon to develop its Dapps platform.

Earlier, Cryptolydian reported Kozo Yamamoto, head of the research commission on banking at Japan’s Liberal Democratic Party, as urging the government to issue digital yen soon.

The lawmaker said the mid-year policy guidelines should include the government’s proposals for a central bank digital currency (CBDC).

Yamamoto said digital currencies could spread rapidly in emerging countries and help China boost its digital supremacy.

On the other hand, China will likely begin public experimentation of its first digital cryptocurrency in 2020.

The plans for digital currency/electronic payments (DC/EP) have witnessed significant developments over the last few years. In addition, the Chinese government started censoring news about its upcoming cryptocurrency to release it in the near term.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.