NEO Touches $30 Again as Ecosystem Grows
NEO has become more attractive as the GAS distribution becomes available for exchange users, and not only private wallet holders. The leading Chinese blockchain project will soon be available on the Korean markets.
NEO followed the rise in altcoins and rose above $30 after remaining depressed for more than a week.
The coin received positive news from Korean exchange CoinNest, which has started distributing GAS, the dividend-like token related to NEO and traded separately. Up until now, only Binance and Kucoin, two smaller exchanges, have opened GAS trading. In addition, NEO trading will open on Kucoin on October 28.
GAS is a coin generated when NEO is held in wallets with a private key. Until now, exchanges that held private keys may have collected the GAS. CoinNest did not use or sell the GAS asset, but will instead redistribute it.
CoinNest was the first exchange to list NEO in Korea, and makes another first with the distribution of GAS.
NEO traded at $29.59 on Tuesday, after a small loss of 3.60%. GAS lost 6.67% in the past 24 hours to $20.61.
NEO is also poised to be listed on a new exchange, CoinDelta, although it may lose to NEM in the next 75 hours:
Which next coin do you want to see on CD?— Coindelta (@coindelta_) October 19, 2017
UpBit has also started operations, listing NEO among 115 altcoins in its running beta version. Now, NEO would be available through the UpBit trading app available at iOS App Store and Google Play. Currently, trading pairs are open against BTC, ETH and USDT, but trading against the Korean Won is coming soon, and this may inject extra liquidity into NEO from new buyers.
When it comes to wallets, NEO may be coming soon to a hardware wallet. The Ledger Nano S team is working on adding the coin to its wallet, having already done a technical analysis.
UpBit is the ambitious project announced a few weeks previously, backed by fintech company Dunamu, the force behind Kakao Talk, the most widely used chat app in South Korea. So NEO is gaining more exposure through accessible technology.
NEO may also benefit from the Red Pulse project, which has started airdropping tokens and distributing GAS. More news on the future of NEO are expected over the weekend in the first NEO community meet-up in Seoul.