Coincheck, the Japanese exchange backed by entertainment giant DMM that recently integrated Bitcoin, will begin supporting Ethereum starting today.

Coincheck: “More Than Just Money”

Coincheck announced in a press release on Monday that buying and selling support was added to the first service, with the goal of also offering the same functionality for Ethereum (ETH) through the Bitcoin service.

In an email to Bitcoin.com, co-founder Yusuke Otsuka said:

“Bitcoin represents money. We hope that with Ethereum, Bitcoin can represent more than just money (like real estate). Therefore, it is natural for us to start supporting Ethereum, and eventually we will add Ethereum foreign exchange trading capabilities.”

Amid the hot activities of Ethereum and Coincheck, there was a news that Ethereum currency has experienced unprecedented support and trading volume. Ethereum currency has surged from 0.0026BTC per coin to 0.035BTC in two months, an increase of more than 1200%.

Additionally, Coincheck’s announcement of a partnership with DMM opens up a 19 million strong customer base that already uses Bitcoin for payments, representing a subset of Japanese consumers and businesses that are interested in the development of digital currencies.

Otsuka said he remains bullish on Ethereum despite the currency’s volatility in value and a lack of clarity about its potential base of users.

"It's normal for a new technology to be unstable, and people are anxious and excited about it. Bitcoin has also experienced ups and downs, but it has become the most popular virtual currency in the world," he said. "Ethereum may be like Bitcoin, but it may also be unknown."

Bitcoin Dilemma

Bitcoin is starting to struggle. Against the backdrop of uncertainty and distress from rival development teams, coupled with Microsoft’s announcement that Bitcoin will be removed from the Windows Store, Ethereum’s success and much-lauded potential are all the more acute.

Yet there is still room for progress in Japan, where regulators are discussing the reclassification of bitcoin as a currency and have voted on a series of legislative measures to facilitate closer ties between cryptocurrencies and businesses interested in the subject.

“The regulation will remove the firewall between Bitcoin and the financial industry,” NASDAQ.com reported, citing Japanese financial newspaper, Nikkei.

"The government hopes that removing the firewall will encourage the development of Japan's nascent fintech industry."

From: Bit Headlines