EOS, a cryptocurrency utilised within the decentralised application platform, will be handled by BitTrade, a cryptocurrency exchange with registered operations in Japan, starting on September 13, 2023 at 15:00 JST. This is the country of Japan’s first domestic handling of EOS.
A cryptocurrency called EOS, which is well-known for its use in smart contracts and decentralised applications, may also be used for staking, buying NFTs, and making in-game purchases. The total amount of EOS that had been released as of August 14, 2023, was 1,099,658,214. The EOS Network Foundation declared on August 30, 2023, that the Japan Virtual and Crypto Asset Exchange Association (JVCEA) had approved EOS for inclusion on its whitelist.
This enables EOS to be traded on authorised exchanges against the Japanese yen, beginning with BitTrade in mid-September.
The certification emphasises EOS’s adherence to Japan’s strict restrictions on digital tokens and underlines its commitment to security and transparency. The CEO of the EOS Network Foundation, Yves La Rose, discussed the importance of this accomplishment for the expansion of EOS in Japan. The network’s growth, which includes initiatives like Upland’s metaverse in Tokyo, demonstrates its rising notoriety in the area.
The “burning mechanism” of EOS is one of its distinguishing characteristics. In an effort to allay worries about token inflation and excessive dilution, this mechanism lowers the overall amount of tokens in circulation. Another coin that uses a comparable burning mechanism is the Shiba Inu.
Users are urged to fully grasp this technique before trading as the burning process has the potential to affect the token’s price. The official website of the EOS Network Foundation has comprehensive information regarding the burning technique and its background.
Potential investors were also advised by BitTrade that the launch time and date were subject to change without notice. The exchange emphasised that cryptocurrencies are simply digital data that is traded online; they are not backed or guaranteed by any government. Users are urged to be aware of the dangers associated with trading cryptocurrencies, such as possible value loss and the critical requirement to safeguard their private keys.
BitTrade is a bitcoin exchange that has been authorised by the Kanto Local Finance Bureau and the Financial Services Agency. It belongs to the Japan Cryptocurrency Trading Association as well.