Wemix relisted by Coinone with trade starting Thursday

[WEMADE]

Wemix, the cryptocurrency issued by Wemade, was relisted on Coinone Thursday.

“Wemix can be traded in won through Coinone,” the exchange said on its website Thursday.

Users were allowed to make deposits from 10 a.m. Owners can start selling at 6 p.m. and purchases were possible 5 minutes later, at 6:05 p.m.

Last December, Wemix was delisted by the members of the Digital Asset eXchange Alliance (DAXA), a trade group representing Korea’s five largest crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — after the Seoul Central District Court approved the delisting, saying that the crypto assets have no regulator or an absolute means to determine their price.

Wemix, a Singapore entity that issues Wemix, is filing suit against each individual exchange over the delisting. Although DAXA announced the decision, each exchange acted independently.

Coinone said that the token's credibility has been restored. Upon Coinone’s decision, Wemix dropped the suit against Coinone.

“Coinone requested additional documents from Wemix to avoid prior situations when it was delisted from the market,” said Coinone. “We have explicitly scrutinized the submitted data and the proposals that have been made on improvements and future measures. After examination, we have confirmed that the problems, such as violation of notification on the volume of coin circulation and matters of credibility, have been resolved.

“If similar problems do arise again, such as creating market disorder or inflicting harm on the investors, Coinone will actively respond to the matter.”

A DAXA spokesperson declined to comment on the issue.

The decision "lies entirely upon each trading group, and we do not know what kind of discussions each group has held,” a DAXA spokesperson said. “So we don’t know which group Wemix applied for review.”

Wemade also declined to comment on the issue.

“As of now, we cannot confirm anything,” the spokesperson said.

Beside Coinone, Wemix is currently available for trading on GDAC in Korea, a smaller local exchange, where Wemix can only be traded for Bitcoins and Ethereum, not for won.

On Wednesday, Wemix was listed on Mercado Bitcoin, Latin America's largest cryptocurrency and alternative asset investment platform. It is available for trading in Brazilian Real.

Upon news of Wemix’s listing, the share prices of Wemade jumped 29.86 percent to close at 54,800 won ($42.65).

Subsidiaries Wemade Max soared 30 percent to close at 17,810 won, while Wemade Play also increased 30 percent to close at 18,460 won.

Wemix rose from $1.29 to as much as $1.99 over the past 24 hours, according to CoinMarketCap.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]