Japanese Exchange Coincheck Adds More Offerings As It Struggles To Get On Its Feet

Coincheck adds more offerings; the exchange adds FCT and XRP

Japanese cryptocurrency exchange Coincheck has added more offerings to its platform as it shakes off the effects of this year’s hack. According to a statement by Monex Group, the exchange now supports Ripple (XRP) and Factom (FCT). Monex Group is the parent company for Coincheck Inc which operates the Coincheck cryptocurrency exchange.

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The move comes after another similar step in late October when Coincheck reintroduced services for selected cryptocurrencies.

Rising from the ashes

In October, Coincheck let customers open accounts and make deposits for Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH). Customers can now purchase ETC and LTC. All these were in addition to BTC which the exchange never suspended.

Coincheck is slowly rising from the ashes it found itself in after a major hack at the beginning of the year. Particularly, hackers targeted the exchange in January this year and made away with $530 million in NEM’s XEM tokens. Interestingly, the hackers immediately laundered the tokens meaning the NEM Foundation could not regain them.

As a result of the incident, Japan introduced a raft of regulations to protect investors. Further, the event marked a watershed moment in crypto regulation when stricter regulations came into force.

Coincheck adds more offerings with positive market effects

Since the hack, Coincheck is slowly rising, with various other collaborations to help it make more revenue. In another announcement today, the exchange will be offering payment services through Coincheck Payment. Further, users can make payments for their electricity bills via Coincheck DENKI.

Interestingly, as Coincheck adds more offerings they are already having positive effects. In recent weeks, FCT gained more value unlike most of the major cryptocurrencies that are doing very poorly.

According to a price analysis, the USD value of FCT rose by 36% while its Bitcoin value added 28%. Further, the overall trading for Factom just hit $2.7m in the last 24-hour trading period.

The performance by FCT is a result of strategic partnerships the company forged recently. In particular, Medicine Ventures partnered Factom to leverage blockchain in its operations.

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