IOST listed on Coincheck, the biggest Exchange of Japan

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Coincheck Exchange listed IOST on 8th of September
  • After listing the stock price increased of IOST by 30%
  • IOST also launched their DeFi Incentive Program 2.0

Coincheck, a Japanese crypto exchange, last week, announced that they will commence trading of a new cryptocurrency token IOST from 8th of September. So when Coincheck started trading in IOST from their Tokyo headquarters on Tuesday, it became the first crypto exchange of Japan to trade in the segment. This step came after a three-year wait for the approval from the Financial Service Agency, Japan (FSA). FSA oversees and supervises the trading platforms compliances and regulations. 

Coincheck in a statement said that they have always focused on expanding the number of cryptocurrencies they are offering to trade. With the latest offering, Coincheck is the only Exchange that has such diverse numbers of tokens for trading. With the listing of IOST, Coincheck now has 14 compliment tokens on Coincheck while 29 compliment tokens in the Japanese Market. 

However, the road for IOST listing wasn’t an easy one for Coincheck. Any tokens that are entering the Japanese market have to undergo FSA and JVCEA supervision and compliance. For the currency listing review, any trading platform requires 7 items and 20 major categories of materials to report. With the new listing on Coincheck, IOST, the Exchange numbers seem to have swelled by 30% compared to the one without IOST. gaining momentum, the figures jumped by and increased by 30% higher than that of last day. It was trading at $0.0064 and ranked 107th in the list of coinmarketcap’s cryptocurrencies data.  

What is IOST?

IOST was launched on 25th February 2019  within the aim of providing similar services as that of a credit card but with the advance security of blockchain technology. IOST networks work on a consensus algorithm known as Proof of Believability (PoB). PoB protocol guarantees that nodes of the blockchain have the least probability of misbehaving and simultaneously increasing the transaction sizes. 

IOST is also actively working on the DeFi ecosystem from 2019. On a similar note, IOST has launched “the DeFi Incentive Program 2.0” with a budget of $6 million. This program will distribute the funds to the DeFi ecosystem and innovators. With this announcement now Noah Oracle Fund of IOST which is DeFi specific in total accounts for $7 million.

One can say IOST is indeed aiming to grow the DeFi sector while simultaneously giving impactful and meaningful changes and innovations to this open ecosystem of finance. 

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