Major Japanese Cryptocurrency Exchange Coincheck to Start Handling QTUM


Coincheck, a major cryptocurrency exchange in Japan, announced on February 25 that it will begin handling the cryptocurrency Qtum (pronounced “quantum”; QTUM). The exact timing for the start of Coincheck’s handling of QTUM and other details have not yet been announced.


Coincheck originally handled the largest number of cryptocurrencies in Japan and also had a large trading volume, making it a popular cryptocurrency exchange. In January 2018, Coincheck suffered unauthorized third-party access through a hacking incident. Approximately 523 million NEM (XEM) (worth around US$500 million at the time) were stolen from the exchange. Following this incident, the exchange received various sanctions including an order to improve business operations from Japan’s Financial Services Agency. Coincheck then became a wholly owned subsidiary of the major securities firm Monex Group, Inc. <0992> in April 2018.


Following changes to its management structure and the resumption of trading operations since April 2018, Coincheck has not changed its plans to handle as many cryptocurrencies as possible under the supervision of the Financial Services Agency. Currently, Coincheck handles 11 types of cryptocurrency, including major cryptocurrencies such as Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH), as well as other cryptocurrencies such as Factom (FCT) and Lisk (LSK). In May 2019, Coincheck began handling Monacoin (MONA), a cryptocurrency originating in Japan. The price of MONA surged immediately after Coincheck began handling this cryptocurrency.


Since QTUM coin did not originate in Japan, it is unclear how the start of Coincheck’s handling of QTUM will impact its price. In any case, Coincheck will make it easier for individual investors in Japan to trade QTUM when it starts handling this cryptocurrency.


*This article was written by FISCO.