South Korean blockchain game developer Wemade’s native WEMIX token surged after it was relisted on local cryptocurrency exchange Coinone on Thursday. Shares in Wemade also jumped. The token was ousted from trading platforms in the country last year for what exchange officials said was erroneous disclosure of circulation numbers for the token. That issue has been resolved, Coinone said in a Thursday statement to announce the relisting.
- On Thursday, Coinone said it will support the trading of WEMIX on its exchange, about two months after the token was suspended. Coinone explained that Wemade and the WEMIX foundation had resolved issues that led to the delisting.
- Upon the re-listing, the value of WEMIX surged about 90% to 3,000 Korean won (US$2.31) from 1,643 won. It is trading around 2,600 Korean won on Coinone exchange during Friday afternoon trading in Korea.
- Wemade’s stock surged more than 20% on KOSDAQ following Coinone’s announcement.
- Coinone delisted WEMIX on Dec. 8 following a decision from DAXA (Digital Asset eXchange Alliance), an association of five fully-licensed local cryptocurrency exchanges comprising Upbit, Bithumb, Korbit, Coinone and GOPAX.
- DAXA said that the WEMIX token foundation had misreported circulation numbers and failed to correct the errors despite multiple opportunities to do so. Wemade had responded that the token foundation had not set clear standards for token listings, and argued the decision was unreasonable.
- Wemade said it dropped the complaints it filed against DAXA member exchanges that delisted WEMIX — Upbit, Bithumb, Coinone and Korbit — according to local media reports.
- Wemade, established in 2000, found success in adopting blockchain technology to its line of video games such as play-to-earn MMORPG game MIR4 Global, which had over 1.4 million concurrent users last year. MIR4 Global allows players to swap in-game earnings into WEMIX tokens.
See related article: South Korea’s Wemade shares drop, WEMIX token plunges after delisting verdict