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CoinSpot opens personal NEO/GAS wallet addresses for users

Posted: 24 May 2018 1:25 pm
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Australian NEO fans might have something to look forward to.

CoinSpot, one of Australia's most popular exchanges by virtue of its wide selection and AUD pairs, has introduced individual user wallets for NEO and GAS. It was the first platform in the world to offer AUD/NEO pairs, but this update adds an important and hard-to-find level of functionality.

What's so good about it?

NEO, sometimes called the Ethereum of China, is a distinctive coin that can pay ongoing dividends to its users. These dividends take the form of GAS, which is used to power the NEO system much like Ethereum runs on Ether. Its potential applications mean GAS has become a separate valuable and widely-traded cryptocurrency in its own right.

But much like airdrops and forks, exchanges won't always pass the dividends on to customers. This is because they tend to operate bulk wallets of their own on behalf of customers. As such, any dividends technically go to the exchange. The exchange can then choose whether to pass it onto the rightful customers. Some do, many don't.

For the sake of feasibility, these deposits are done on a low frequency basis with CoinSpot making these payments monthly.

Now users can generate their own NEO deposit address on CoinSpot and deposit NEO into it to earn higher monthly GAS dividends. It's also more connected to their CoinSpot account than other NEO wallet options to more easily cash the GAS out.

This might go hand in hand with CoinSpot's upcoming NEO market, which will be the first AUD/NEO pairing market, on top of CoinSpot's existing NEO/AUD brokerage service.

It's still one of the only platforms in the world to offer direct NEO/GAS/AUD pairs, so Australian NEO holders might be about to enjoy a big upgrade.

Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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