BitTrade Becomes First Japanese Exchange to Offer EOS Trading Starting September 13, 2023

BitTrade, a registered cryptocurrency exchange in Japan, will start handling EOS, a cryptocurrency associated with a decentralized application platform, on September 13, 2023, at 15:00 JST.
EOS is known for its use in smart contracts, decentralized applications (DApps), staking, NFT purchases, and in-game payments.

BitTrade, a recognized cryptocurrency exchange in Japan, has made a groundbreaking announcement. It is set to become the first domestic exchange in Japan to offer trading services for EOS, the cryptocurrency integral to decentralized application (DApp) platforms. The trading of EOS on BitTrade will commence on September 13, 2023, at 15:00 JST, marking a significant step in EOS adoption within the Japanese market.

EOS is renowned for its utility in powering smart contracts, facilitating decentralized applications, enabling staking, serving as a means of purchasing NFTs (Non-Fungible Tokens), and acting as a payment method in various gaming ecosystems. As of August 14, 2023, the total supply of EOS stood at 1,099,658,214 tokens.

Anticipated EOS Capital Inflows

This momentous development comes after the EOS Network Foundation received whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA) on August 30, 2023. This approval paves the way for EOS to be traded against the Japanese yen on regulated exchanges, with BitTrade being among the first to offer such trading services.

The whitelisting of EOS by the JVCEA underscores EOS’s commitment to adhering to Japan’s stringent digital token regulations, emphasizing transparency, and prioritizing security. Yves La Rose, CEO of the EOS Network Foundation, emphasized the significance of this milestone, showcasing EOS’s growing presence and popularity in Japan, further exemplified by projects like Upland’s metaverse in Tokyo.

One of the distinctive features of EOS is its “burning mechanism,” aimed at reducing the total number of circulating tokens. This mechanism addresses concerns related to token inflation and excessive dilution. A similar burning mechanism is employed by other cryptocurrencies like Shiba Inu. Users considering EOS trading are encouraged to thoroughly understand this mechanism and its potential impact on token prices. Detailed information about the burning mechanism can be found on the official website of the EOS Network Foundation.

BitTrade, as a registered cryptocurrency exchange under the Financial Services Agency and the Kanto Local Finance Bureau, and as a member of the Japan Cryptocurrency Trading Association, is well-positioned to provide a regulated and secure trading environment. However, the exchange has advised potential traders to be aware of the risks associated with cryptocurrency trading, including the potential for devaluation and the importance of safeguarding private keys.