Crypto Exchange Coincheck to Commence Trading of IOST

Coincheck, Inc., a Japanese cryptocurrency exchange, announced this Tuesday that it will commence trading of a new cryptocurrency IOST next week on the 8th of September 2020.

Headquartered in Tokyo, Coincheck will be the first crypto exchange to offer to trade in IOST, a cryptocurrency which aims to realise mainstream adoption of blockchain technology.

Next Tuesday the new crypto will be available to trade at 12:00 local time. Via the exchange, users will be able to remit, deposit, purchase and sell IOST on both the exchange’s web browser and mobile app.

The original project of IOST launched its mainnet on the 25th of February 2019. The main aim of the network is to create a world where blockchain technology is secure and scalable. 

“Coincheck is focusing on expanding the number of cryptocurrency offerings as one of the important strategies for its business expansion, and as of September 1, 2020, offers the most number of cryptocurrencies for trading among Japanese cryptocurrency exchanges,” Coincheck said in its statement today.

In the future, the Japanese cryptocurrency exchange will continue to expand its offering by adding new digital currencies for trading, as well as improve the usability of its services, the company said.

According to CoinMarketCap, there are more than 15.13 million IOSTs in current circulation, with a total supply of more than 22.06 billion. In the last 24 hours, around $118.93 million worth of the crypto was traded. Its current market cap is about $114.81 million.

Coincheck aims to realise for IEO in Japan

Today’s announcement comes one week after the cryptocurrency exchange, part of the Monex Group, announced that it had partnered with Hashpalette Inc. on a joint project, which aims to actualise the first Initial Exchange Offering (IEO) in Japan.

Under the partnership, Coincheck will sell Palette Token (PLT) via its cryptocurrency exchange. PLT is a utility token built on the Ethereum blockchain. It is issued by Hashpalette and can be used on Palette, which is a blockchain platform for manga, anime, sports, music and other forms of content.