Author: fisco

Coincheck Starts Refunding Customers’ NEM

Japanese cryptocurrency exchange Coincheck Inc. started making refunds in yen from March 12 (JST) to users who had NEM deposits when the exchange was hacked and lost a significant amount of the NEM cryptocurrency. Refunds started on March 12. Refund amounts are calculated as 88.549 ($0.83) multiplied by the amount of NEM held as of 11:59:59 p.m. on January 26, 2018 (JST). Customers who held NEM as of the same time were eligible for refunds. Refunds are made in yen from a Coincheck account. Coincheck had halted cryptocurrency transactions, but resumed withdrawals and sales for certain cryptocurrencies from March...

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Services Bridging Cryptocurrencies and Investors Are Emerging

In the week starting Monday, March 5, some topical services emerged to bridge cryptocurrencies and investors. The first service is that the U.S. company Coinbase has announced that it will develop and launch its own cryptocurrency index fund with a large market capitalization. Coinbase will list this cryptocurrency index fund on its own digital currency exchange GDAX and prepare for investment trading in the index fund. Four digital currencies will be included in the index fund, and they will be weighted by market capitalization. This means that at its launch the index fund will be comprised of 62% Bitcoin,...

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Monthly Report of GMO Internet and Its Cryptocurrency Mining Business Published

GMO Internet Inc., a major Japanese company investing in Internet-related businesses and listed on the first Section of the Tokyo Stock Exchange, has been publishing monthly reports on its earnings and suchlike from the mining cryptocurrency business it has been conducting since December 20 last year. Established in 1991, GMO Internet is engaged in the Internet advertising and media, Internet securities, and mobile entertainment businesses across the entire GMO Internet group, centering on the Internet infrastructure business. Furthermore, GMO Internet established GMO Coin, Inc. as a group member, and from May 2017 GMO Coin, Inc. has been providing services...

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Japanese Cryptocurrency Exchanges to Establish New Self-Regulating Body

Japan’s two major cryptocurrency organizations will merge and form a new self-regulating body, the Japan Cryptocurrency Business Association (JCBA) and Japan Blockchain Association (JBA) said on March 2. The move comes amid deepening discussions about stronger regulations, and was triggered by Japanese cryptocurrency exchange Coincheck Inc.’s loss of massive amounts of NEM coins in late January. The agreement on forming the new body was made by 16 cryptocurrency exchanges that have completed registration with the Financial Services Agency (FSA). However, the new body will not include exchanges such as Coincheck, whose applications are pending. Currently, details are unclear regarding...

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SegWit to Spread Further with Bitcoin Core 0.16.0

Bitcoin Core’s long-awaited version 0.16.0 was released on February 27, significantly earlier than its initially planned release date in May. Among the wide-ranging enhancements in version 0.16.0, the most important is that the cryptocurrency wallet now supports SegWit. In addition to nested SegWit addresses starting with 3, it also supports the new system of native SegWit addresses starting with bc1. The backend systems of many bitcoin services already use Bitcoin Core but updating to the latest version will make it easier to use SegWit functions. Installing SegWit is slightly complicated from a technical viewpoint, making it difficult to develop...

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Japanese Energy Company Entering the Mining Business

Kumamoto Energy entering the mining business made headlines this week. The Japanese company plans to set up a subsidiary company, wholesale their surplus electricity at a reduced price, and use it for mining cryptocurrencies. Kumamoto Energy is a so-called unconventional energy company that uses solar power to provide electricity. However, given the nature of energy generation, it has limitations when it comes to controlling the amount of power generated, which usually results in generating surplus power. As a way of utilizing excess electric power, getting into mining is reasonable. This idea has already been implemented before. An old hydropower...

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Keep a close eye on the low bitcoin price at Coincheck exchange

Coincheck resumed withdrawals of Japanese yen on February 13, but withdrawals of virtual currencies such as bitcoin remain restricted and a resumption date is still undecided, the exchangesaid at a news conference on February 13. It can be assumed there is a large number of people seeking to sell the virtual currency they have deposited with Coincheck based on the assumption that there were many beginner investors among users and remains uncertain when withdrawals can resume. Let’s see how this can affect the market price. First, let’s estimate bitcoin deposit assets in the Coincheck exchange. When it was hacked,...

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