BitTrade, a registered cryptocurrency exchange in Japan, announced today that it will commence the handling of EOS, a cryptocurrency used within the decentralized application platform, starting from September 13, 2023, at 15:00 JST. This marks the first-ever domestic handling of EOS in Japan.
EOS, known for its use in smart contracts and decentralized applications, is a cryptocurrency that can also be used for staking, purchasing NFTs, and as a payment method within games. As of August 14, 2023, the total issued amount of EOS stood at 1,099,658,214.
On August 30, 2023, the EOS Network Foundation announced that EOS has received whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This allows EOS to be traded against the Japanese yen on regulated exchanges, starting with BitTrade in mid-September.
The approval highlights EOS’s adherence to Japan’s rigorous digital token regulations, emphasizing its dedication to transparency and security. Yves La Rose, CEO of the EOS Network Foundation, expressed the significance of this milestone for EOS’s growth in Japan. The network’s expansion, including projects like Upland’s metaverse in Tokyo, showcases its increasing popularity in the region.
One of the notable features of EOS is its “burning mechanism.” This mechanism reduces the total number of circulating tokens, aiming to address concerns over token inflation and excessive dilution. Shiba Inu is another coin that employs a similar burning mechanism.
The burning process can potentially influence the token’s price, and users are advised to understand this mechanism thoroughly before trading. Detailed information about the burning method and its history can be found on the EOS Network Foundation’s official website.
However, BitTrade also cautioned potential traders that the start date and time might change without prior notice. The exchange highlighted that cryptocurrencies aren’t backed or guaranteed by any government; instead, they are digital data transacted online. Users are encouraged to be aware of the risks in cryptocurrency trading, such as potential devaluation and the crucial need to protect their private keys.
BitTrade is a registered cryptocurrency exchange under the Financial Services Agency and the Kanto Local Finance Bureau. It is also a member of the Japan Cryptocurrency Trading Association.
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