Japan gets another new cryptocurrency and that is Ethereum. The new cryptocurrency has entered the Japanese market within weeks after the Japanese government tentatively conferred bitcoin with the status of legal tender.
Japan has been one of the important geographical regions for the cryptocurrency industry. No, it is not because of the country’s electronics and technology industry but the community participation. The country was on a roll until the downfall of Mt Gox bitcoin exchange which was based in Japan. When Mt Gox fell, it took down most of the industry with it. The impact of its downfall combined with the loss of thousands of bitcoins caused a massive crash in the bitcoin prices. Bitcoin value dropped from over $1000 to a couple of hundreds.
The Japanese however have not lost faith in the cryptocurrency and legalizing bitcoin has proven it. Now Ethereum is catching up in Japan as well. The largest bitcoin exchange in Japan Coincheck is now offering an option to buy and sell ether on its platform. The inclusion of Ethereum option doesn’t come as a surprise as it has grown to become one of the most sought after cryptocurrencies across the world. Apart from Coincheck, many large cryptocurrency platforms like Bitfinex, Kraken etc. are also providing Ethereum support in the recent days.
With Coincheck adding Ethereum, the platform users will now be able to buy and sell ether with their credit cards and international wire transfer. Ethereum can also be bought using bitcoin. Coincheck is already known as the most user-friendly exchange in the country as it offers multiple payment options and a great user interface to make the whole process of buying and selling cryptocurrency a pleasurable experience.
Even though the main currency of Coincheck is Japanese Yen, money transfer made using any other denomination like US dollar will be automatically converted to Japanese Yen without any exchange charges. This makes it easier for foreign users to trade on Coincheck.
Coincheck is already known to offer a feature rich platform for trading bitcoin. People interested in trading Ethereum may also get access to the same set of tools. The increase in Ethereum value over the past few months has garnered a lot of attention among cryptocurrency traders, driving the demand. We can expect more and more people to start trading ether soon.
Depending upon the level of adoption of Ethereum in the coming months, we can expect Ethereum to gain legal tender status in Japan.