Coincheck exchange unveils plans to begin supporting BAT Token trading

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and happiness from… read more.
on Jul 14, 2020
  • The exchange plans to roll out BAT trading services on July 21.
  • This addition will see the number of tokens listed on Coincheck increase to 13.
  • Coincheck has joined GMO and BitFlyer, which began supporting BAT earlier this year.

Coincheck, a Japan-based crypto exchange is planning to start supporting Basic Attention Token (BAT) trading.  Monex Group, Coincheck’s owner unveiled this news on July 13, noting that the platform will roll out support for BAT trading on July 21. This move will see the number of listed tokens on Coincheck surge to 13 after the exchange introduced QTUM in March this year.

According to the announcement, this addition will allow BAT holders to send, receive, buy, or sell the ERC-20 token on the exchange. Monex Group added that while the listing is scheduled for July 21, the handling time might change depending on the system among other circumstances. The firm further cited that the currency might appear on the platform before the scheduled start time.

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Per Monex Group, the price of BAT may also experience wide swings immediately after Coincheck begins handling it. This is because there might be a dense concentration of transactions.

Brave rewards system

The Basic Attention Token is the native token of privacy-focused web browser Brave, whose user base has surged in recent times to surpass 15 million monthly users following the COVID-19 pandemic. At the moment, Brave users in Japan can earn Basic Attention Token Points (BAP) as rewards for displaying advertisements on the browser.

However, the current regulations on digital currencies in the country bar them from earning BAT tokens or even trading their points for fiat.

BAT’s increasing popularity as a DeFi token

While there has been a sudden increase of interest in Compound (COMP), a report unveiled that BAT was the most used ERC-20 token decentralized finance (DeFi) token from June 19 to July 2. During this period, the coin’s price rose significantly. It also generated a transaction volume of £743.98 million. This figure was reportedly more than that of ethereum (ETH) and Dai (DAI) combined at the time.

The news of Coincheck supporting BAT comes after Japanese crypto exchanges GMO Coin and BitFlyer started to provide support for BAT holders earlier this year. DMM Bitcoin, a DeFi platform is also planning to start trading the coin on July 22.

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