Major Japanese crypto exchange Coincheck to add Stellar Lumens (XLM)

Coincheck, a major cryptocurrency exchange and subsidiary of the Japanese financial listed company Monex Group, announced on November 1 that it will begin handling the cryptocurrency Stellar Lumens (XLM) from November 12, 2019. The exchange will be the first to handle XLM currency within Japan.

Coincheck supported the lesser-known LSK and FCT currencies earlier than other cryptocurrency exchanges in Japan, helping to drive its popularity as an exchange. It was brought under the umbrella of the Monex Group after experiencing a hacking incident in January 2018 that forced the outflow of approximately $534 million worth of cryptocurrency.

After undertaking an overhaul of its security measures, it rebuilt the exchange system. In June 2018, Coincheck gradually reopened a portion of its cryptocurrency services. By January 2019, it had registered as a cryptocurrency exchange operator with Japan’s Financial Services Agency and was able to reopen for business.

The Stellar Development Foundation announced on November 5 that it had “burned” or carried out the permanent removal of 50% of the total XLM supply. With market distribution reduced by half, the price of XLM soared on November 5 based on the anticipation that the cryptocurrency’s market price would rise.

Currently, Coincheck handles 10 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), NEM (XEM), Lisk (LSK), Factom (FCT), and Monacoin (MONA), and now 11 with the addition of Stellar Lumens.