Zaif

Japanese cryptocurrency exchange Zaif

What is Zaif

Zaif was a Japanese cryptocurrency exchange that was launched in 2015. It was one of the many exchanges that emerged during the initial surge in interest in cryptocurrencies like Bitcoin and Ethereum.

Zaif offered trading in various cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, and MonaCoin, as well as a few other altcoins. It also provided a platform for users to buy and sell digital assets using Japanese yen.

In September 2018, Zaif was hacked and lost approximately $60 million worth of cryptocurrencies. Following the hack, Zaif was acquired by the Japanese investment firm Fisco, and it was subsequently rebranded as Fisco Cryptocurrency Exchange.

However, in April 2020, Fisco announced that it would be shutting down the Zaif platform due to ongoing financial difficulties. As of my knowledge cutoff in September 2021, the Zaif exchange is no longer operational.

The history of Zaif

Zaif was a cryptocurrency exchange launched in Japan in 2015. The platform was created by Tech Bureau, a Japanese blockchain technology company, and was designed to allow users to buy and sell a range of digital assets, including Bitcoin, Bitcoin Cash, and Ethereum, among others.

In 2017, Zaif partnered with the blockchain-based voting platform, mijin, to develop a voting system for corporate shareholders using blockchain technology. The partnership aimed to create a more secure and transparent system for shareholder voting, reducing the potential for fraud and increasing efficiency.

However, in September 2018, Zaif suffered a major security breach. Hackers were able to gain access to the exchange’s hot wallets, stealing approximately $60 million worth of cryptocurrencies, including Bitcoin, Bitcoin Cash, and MonaCoin.

Following the hack, Tech Bureau announced that it had reached an agreement to sell Zaif to the Japanese investment firm Fisco. As part of the deal, Fisco acquired the Zaif brand, customer base, and technology, and agreed to take on responsibility for compensating users affected by the hack.

In November 2018, Fisco completed the acquisition of Zaif, and the exchange was subsequently rebranded as Fisco Cryptocurrency Exchange. Fisco implemented a number of measures to improve the security and reliability of the platform, including more rigorous KYC and AML procedures, as well as regular security audits.

However, Fisco faced financial difficulties, and in April 2020, the company announced that it would be closing down the Zaif exchange. At the time of its closure, Zaif had been operating for almost five years.

How Zaif works

Zaif was a cryptocurrency exchange that allowed users to buy, sell, and trade a range of digital assets, including Bitcoin, Ethereum, and other altcoins. Here’s how Zaif worked:

1. Account registration: Users had to create an account on the Zaif platform to start trading. To register, users had to provide their email address and create a password. They also needed to complete a KYC (Know Your Customer) verification process by providing government-issued identification documents.
2. Deposits: Users could fund their Zaif accounts by depositing Japanese yen or cryptocurrencies. Zaif supported a range of deposit methods, including bank transfers, credit cards, and cryptocurrencies.
3. Trading: Once a user had deposited funds, they could start trading. Zaif supported trading pairs between cryptocurrencies and Japanese yen. Users could place buy or sell orders, specifying the price and quantity of the asset they wanted to buy or sell.
4. Fees: Zaif charged fees for trading, with the amount depending on the trading volume. There were also fees for deposits and withdrawals.
5. Security: Zaif implemented security measures to protect user funds, including cold storage for the majority of its assets. However, as mentioned earlier, Zaif suffered a significant security breach in 2018, which resulted in the loss of around $60 million in cryptocurrencies.

It’s important to note that Zaif is no longer operational. The exchange was acquired by the Japanese investment firm Fisco in the aftermath of the 2018 hack, and was subsequently rebranded as Fisco Cryptocurrency Exchange. However, Fisco announced in April 2020 that it would be shutting down the Zaif platform due to ongoing financial difficulties.

What is the main points of using Zaif

Zaif was a cryptocurrency exchange that allowed users to buy, sell, and trade various digital assets, including Bitcoin, Ethereum, and other altcoins. Here are some of the main points of using Zaif:

1. Access to cryptocurrencies: Zaif provided a platform for users to buy and sell cryptocurrencies, giving them access to a wide range of digital assets.
2. Trading: Users could trade cryptocurrencies against Japanese yen, allowing them to take advantage of price movements in the crypto markets.
3. Security: Zaif implemented security measures, including cold storage for most of its assets, to protect user funds.
4. Ease of use: The platform was designed to be user-friendly, making it easy for even novice users to start trading cryptocurrencies.
5. Japan-based: Zaif was a Japan-based exchange, catering primarily to Japanese users.

However, it’s worth noting that Zaif suffered a significant security breach in 2018, which resulted in the loss of around $60 million in cryptocurrencies. While the exchange was acquired by Fisco and continued to operate under the new name Fisco Cryptocurrency Exchange, it ultimately shut down in April 2020 due to financial difficulties.

Does Zaif charge a fee

Yes, Zaif charged fees for various transactions on the platform. Here are some of the fees that were applicable to Zaif users:

1. Trading fees: Zaif charged a fee for each trade made on the platform. The fee varied depending on the trading volume, with higher-volume traders paying lower fees.
2. Deposit fees: Zaif charged fees for deposits made to the platform, with the fee depending on the deposit method used.
3. Withdrawal fees: There were also fees for withdrawals from the platform, with the amount depending on the withdrawal method used.
4. Conversion fees: If a user traded cryptocurrencies against Japanese yen, there was a conversion fee that applied.

The specific fee amounts varied depending on the transaction and the user’s trading volume. Users could find more information on the Zaif website about the applicable fees for different transactions.

However, it’s worth noting that Zaif is no longer operational, as it was shut down in April 2020 due to financial difficulties.

Step-by-step guide of using Zaif

Here is a step-by-step guide of how to use Zaif, the now-defunct cryptocurrency exchange:

1. Create an account: To use Zaif, you first need to create an account. Go to the Zaif website and click on the “Sign Up” button. Enter your email address and create a password. You will also need to complete the KYC (Know Your Customer) verification process by providing government-issued identification documents.
2. Fund your account: Once your account is created and verified, you can fund it with Japanese yen or cryptocurrencies. Go to the “Deposit” page on the Zaif platform and choose the deposit method you want to use. Follow the instructions to complete the deposit.
3. Place a trade: After you have funded your account, you can start trading. Go to the “Trade” page on the Zaif platform and choose the cryptocurrency pair you want to trade. Enter the price and quantity of the asset you want to buy or sell, and click on the “Buy” or “Sell” button to place your order.
4. Monitor your trades: You can view your open orders and trade history on the “Trade” page. Zaif also provides real-time price charts and other trading tools to help you monitor the markets and make informed trading decisions.
5. Withdraw funds: If you want to withdraw funds from your Zaif account, go to the “Withdrawal” page on the platform and choose the withdrawal method you want to use. Follow the instructions to complete the withdrawal.

It’s important to note that Zaif is no longer operational, and users should not attempt to create new accounts or trade on the platform. The exchange was shut down in April 2020 due to financial difficulties.

Can I use Zaif if I am not a Japanese citizen

Yes, it was possible for non-Japanese citizens to use Zaif. However, users were required to complete the KYC (Know Your Customer) verification process, which involved providing government-issued identification documents, regardless of their country of residence.

Zaif primarily served Japanese customers and supported the Japanese yen as a trading pair. However, users from other countries could still use the platform to trade cryptocurrencies against other digital assets like Bitcoin and Ethereum.

It’s important to note that Zaif is no longer operational, as it was shut down in April 2020 due to financial difficulties. If you are looking to trade cryptocurrencies, there are many other cryptocurrency exchanges available that you can use, depending on your location and the digital assets you want to trade.

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