HomeAltcoin NewsCoincheck Reinstates XRP and FCT Trading as Normal Services Resume

Coincheck Reinstates XRP and FCT Trading as Normal Services Resume


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Coincheck recently reinstated two cryptocurrencies – XRP and FCT – to its platform. With this announcement, the Japanese cryptocurrency exchange is now back to its full complement of virtual currency listings.

Complete Resumption of Deposit and Purchasing

In a press release published by Coincheck on Monday (November 26, 2018), the cryptocurrency exchange announced the resumption of depositing and purchasing services for both XRP and FCT. According to the company, this move comes after extensive efforts to improve its security framework after the hack it suffered in January 2018.

As part of the announcement, Coincheck advised its customers to take a few precautions when transacting in the reinstated cryptocurrencies. With the addition of XRP and FCT, the platform is now back to its full complement of digital tokens in its trading catalog before the NEM heist of 2018.

The press release also announced that Coincheck was planning to resume other services. These include affiliate service, Coincheck electric bill, JPY pay-easy, as well as leveraged trading. The platform is, however, waiting on external experts currently examining its technical safety framework to give the all-clear before resuming those services.


Recovering from the January Hack

For Coincheck, Monday’s announcement is part of a series of events targeted at getting the platform back on track. In January 2018, hackers stole more than a billion dollars in NEM cryptocurrency tokens. This incident led to the company suspending many of its services while Japan’s Financial Services Agency (FSA) stepped up its drive to sanitize the local cryptocurrency trading scene.

In the aftermath of the hack, Monex Group acquired Coincheck, and it wouldn’t be the last time a hacked cryptocurrency exchange platform would be forced to sell. Later in the year, both South Korea-based Bithumb and Japan-based Zaif also experienced the same fate.

Since the hack, Coincheck has tried to get back on track beginning in February when it reinstated fiat withdrawals services. Between March and June 2018, the platform started to ease into offering exchange services for a few cryptocurrencies.

Earlier in the month, Live Bitcoin News reported that the exchange was resuming account opening services, as well as trading services for cryptocurrencies like Bitcoin, Ethereum Classic, and Litecoin. Presently, the exchange offers nine cryptocurrencies on its platform.

Do you think that Coincheck has been able to put the necessary modalities in place to forestall the occurrence of another cryptocurrency heist? Let us know your thoughts in the comment section below.

Images courtesy of Coincheck and Shutterstock.

Nick Omo
Nick Omo
Chemical Engineer, Creative Writer, Cryptocurrency Enthusiast. If I am not immersed in cryptocurrency and blockchain technology news, I am attempting to beat my 504 Scrabble high score.


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