Japan may be on its way to creating a state-issued digital currency, but local companies in the world’s third-largest economy can still innovate and provide some healthy competition.
Coincheck, the crypto exchange based in the Asian nation, currently handles trading, selling, and buying for eleven cryptocurrencies. They announced on Feb. 25 that they were planning to add another to the mix. The cryptocurrency Qtum (QTUM) will soon be the 12th available for trading on the exchange.
How will Qtum be different from existing Coincheck cryptocurrencies?
As with other cryptocurrencies the exchange manages, Coincheck will allow its users to send, receive, buy, and sell Qtum.
However, they will also be able to use Qtum for Coincheck’s lending service. Under the existing service, users can lend their cryptocurrencies to the exchange by agreeing on a loan contract agreement. Once this contract expires, Coincheck will return the cryptocurrency with an annual percentage rate on top of it. The exchange claims the annual interest rate has been up to 5%.
Qtum is a blockchain platform established in December 2016. They are working with both Google and Amazon to develop their Dapps platform. As of Feb. 25, the date of release for the cryptocurrency has not been set.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.