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NEM (XEM) Trading Resumes on Coincheck Months After Hack

After ten months of stagnancy, the newly re-opened Japenese cryptocurrency exchange Coincheck has resumed its NEM (XEM) trading. According to a South Korean news source FNNews, Coincheck has restricted its platform by external ‘security experts.’

NEM (XEM) Trading Resumes on Coincheck

Back in January, Coincheck suffered the largest cryptocurrency exchange hack in history. $530 million USD worth of XEM was stolen from the Japanese exchange. After the investigation, the company announced it would repay the 260,000 investors affected by the hack.

At the time of the hack, Coincheck’s website read:

“We would like to offer our sincerest apologies to our customers, other exchanges, and everyone else affected by the illicit transfer of NEM which occurred on our platform. We vow to take action on all of the points listed in the business improvement order handed down from the Financial Services Agency as we work towards resuming normal business operations. Currently, we have suspended various features of our platform including new registrations. Thank you for your patience and understanding.”

Since the incident, NEM purchases and deposits have been completely halted on the Coincheck platform. In addition to NEM, the exchange will soon open up support for both Ethereum (ETH) and Lisk (LSK).

Back in March, the Financial Services Agency (FSA) of Japan gave the company a business improvement order. The ‘watchdog’ demanded that the company undergo drastic reforms to its exchange platform, which included enhanced anti-money laundering (AML) and counter-terrorism financing (CFT) measures.

>> A Guide to Understanding Cryptocurrency White Papers

Shortly after, Coincheck was acquired by the Japenese internet broker Monex Group Inc. On October 30th, Monex announced it would resume Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) trades.

After Coincheck made the announcement yesterday, NEM saw price gains of well above six percent. According to CoinMarketCap, NEM (XEM) is currently trading at $0.113 a coin, up 6.24%, in 24 hours.

Featured Image: Depositphotos /© jurisam

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NEM Gains 13% in 24-Hours

The cryptocurrency market is moving very slowly today. Some of the top coins are in the red: Bitcoin at -0.20% and Ethereum at -0.36%. Small losses, but pretty appropriate for a day when the market is dragging its heels. However, there are very notable NEM gains happening right now.

NEM (XEM) is, without a doubt, today’s biggest winner, having grown 13% in the last 24-hour period. So, what has NEM trading in the green, especially when every other coin is pretty much asleep!?

Let’s find out!

NEM Gains

NEM (XEM) is ranked 17th on CoinMarketCap’s top 100 cryptocurrencies. And as stated, XEM is currently the best-performing digital asset of the day.

NEM currently has a market value of $999 million and an average daily trading volume $24 million. At the time of writing, NEM gains have it selling at just over $0.11 USD.

The Reason for the Move?

NEM’s bullish wave is likely due to a new partnership with Timechain Wallet. The wallet recently added support for the coin and offers holders “multiple side-chain wallets with Timechain” along with the capability to “buy and sell digital assets right from their wallets.

The platform is described as a “useful tool for crypto assets management and an instrument for natural interaction with other blockchain-based services and users.”

>> Ripple Swell Conference Day One Wrap-Up

So can Timechain Wallet offer NEM holders a door to bigger things? It seems the market reaction says yes.

According to the CEO of Timechain, Louis Cleroux, NEM technology is a leader:

“Wallets are becoming the centerpiece of blockchain mass adoption. Timechain strives to offer the most simple solution to use blockchain and cryptocurrencies to its users. NEM technology is a front-runner for digital assets management. We need to popularize this amazing tech to the market. Businesses will dramatically reduce their cost and greatly increase their distribution reach by using this solution,”

However, another new partnership has just come to light. NEM will be teaming up with Unibright, an enterprise-grade blockchain platform, by adding NEM oriented code generation to the Unibright framework.

Perhaps this is causing NEM gains. We will wait for more on this. Stay tuned!

Featured Image: Depositphotos/© yacobchuk1

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