NEM (XEM) Price Surges 15% After Coincheck Resumes Trading


The price of NEM (XEM), a cryptocurrency project building a faster blockchain designed for better-performing smart assets, has surged around 15% after it was announced that trading would resume on Coincheck, a bitcoin wallet and exchange service headquartered in Tokyo.

Coincheck suffered one of the largest breaches in cryptocurrency history in January 2018, with hackers stealing $530 million worth of NEM from the company. After the hack, the Japanese Financial Services Agency (FSA) ordered the company to submit a full report on the incident and how they would improve security for clients in the future.

In addition to NEM, Coincheck announced that both Ethereum (ETH) and Lisk (LSK) are also available on the platform. As of November 12, Japanese investors can open and fund accounts with Japanese yen.

Following the hacking event, Coincheck was acquired by Monex, a Japanese financial services company, for 3.6 billion yen ($33.5 million). It was recently reported that Coincheck saw a 66% percent decline in revenue for Q3 2018, according to fiscal results published by Monex.

NEM via CoinCodex

XEM surged in early trading Monday, briefly passing $0.11 before falling back to $‚ÄĮ0.1067. The altcoin now has a $960.5 million market cap, making it the 17th largest cryptocurrency and the 16th largest constituent in the¬†AltDex 100 Index¬†(ALT100).

More: Notice of partial virtual currency receipt and purchase resumption (ETH, XEM, LSK)

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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