Japanese Coincheck Exchange Reopens XRP Trading

Japan-based cryptocurrency exchange, Coincheck, has finally resumed the trading XRP after a long wait. Earlier this year, Coincheck suffered a massive crypto hack with a loss of $500 million. Soon after, the crypto exchange went defunct for sometime before the Japanese financial services giant Monex Group acquired it completely.

Resuming the XRP Trading Service at Coincheck

Monex Group released an official press release making the announcement. It reads that Coincheck will resume trading services for both – Factom (FCT) and XRP. It shows that the exchange is now completely operational while making all its earlier trading pairs available to the public.

“[To this date], Coincheck has been steadily resuming as each service’s technical safety is confirmed through the supports [sic] of external experts. As of the announcement today regarding XRP and FCT, Coincheck has resumed depositing and purchasing services for all tradable cryptocurrencies on Coincheck,” the press release notes.

With the latest addition of XRP and FCT, Coincheck now supports a total of nine digital currencies. This includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, Lisk, and NEM.

Moreover, the exchange also allows new investors to open their accounts and start trading. However, citing increased traffic volumes, the exchange said that customers might temporarily find it difficult to access the platform.

On its official website, Coincheck explained how the company has worked to restructure its operations after the massive hacking event:

“In connection with unauthorized remittance of the virtual currency NEM due to unauthorized access occurred on January 26, 2018, the Company suspended the services partially in order to investigate the cause of customer asset protection and unauthorized remittance and formulated a business improvement plan. In implementing this plan, we have tried to improve our management control system and internal control system. Furthermore, with the cooperation of external experts who carried out a step-by-step safety audit, we have restarted the service that enables the receipt, purchase and exchange of XRP and FCT.”

Adding Up Other Services

In addition to resuming the trading for different cryptocurrencies on its platform, Coincheck is looking to add new services. This includes affiliate programs, quick deposits, JPY deposits through convenience stores, and other leveraged transactions. Though there’s no specific date announced for these services, but there is an understanding it could be soon.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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