Koinex adds NEO and GAS, deposits go live from March 13, 2018

Today afternoon, popular Indian cryptocurrency exchange Koinex announced that it will be adding NEO and GAS on its exchange. Deposits for both NEO and GAS will go live later tonight at 12.01 am, March 13th 2018.

Koinex's official announcement: https://twitter.com/koinexindia/status/973106278208700416

We are expecting NEO Coin's price in INR to be in the Rs 6000-7000 range (trading close to $90.95 at the time of writing this blog) when it gets listed on Koinex. The GAS Price in INR is expected to be somewhere around the Rs 2000 mark (trading at close to $26.76 at the time of writing). The trading of NEO and GAS may go live on Koinex sometime later in the day tomorrow. Koinex drops these announcements unexpectedly, so we will be keeping a close watch. You can also follow us on Twitter: https://twitter.com/TheCryptoDost for all the latest news announcements.

The addition of NEO and GAS means a total number of 15 coins/tokens are now available for trading on Koinex. This is great news for Indian investors who will not have to go to international exchanges like Binance to buy NEO. This saves a tremendous amount of money in exchange trading fees and transfer costs, even if the cost of cryptocurrencies in the Indian exchanges is slightly higher than international exchanges.

With this news announcement, the following coins/cryptocurrencies will now be available on Koinex:

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Ripple (XRP)
4. Litecoin (LTC)
5. Bitcoin Cash (BCH)
6. Omise Go (OMG)
7. Request Network (REQ)
8. 0x Protocol (ZRX)
9. Golem (GNT)
10. Basic Attention Token (BAT)
11. Aeternity (AE)
12. TRON (TRX)
13. Stellar Lumens (XLM)
14. NEO
15. GAS

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What is NEO?

NEO is a popular decentralised application (Dapp) development platform, just like Ethereum. Commonly referred to as China's Ethereum, the cryptocurrency has been steadily rising in popularity as an alternative to Ethereum. It started off as Antshares back in 2014 and was rebranded to NEO in 2017. It came in the spotlight recently when Weiss Ratings, an agency which gives cryptocurrency ratings gave it an A- rating, which was the highest ever for any cryptocurrency and even beat more established cryptocurrencies like Bitcoin and Ethereum. NEO's all-time highest price has been a shade above $160. We are slowly starting to see a lot of new ICOs coming on the NEO blockchain, and this year promises to be a big one for NEO. One of March's biggest ICOs, Neon Exchange (NEX), is built on the NEO Blockchain.

What is GAS?

The NEO network is driven by two different tokens - NEO and GAS. Owning NEO is like owning shares in the NEO network. Without going into the details, owning NEO entitles you to some rights in governance and management. GAS, on the other hand, is the operational token which allows you to fuel smart contracts on the blockchain. This token was created so that ownership of the platform is kept separately from its utilisation. Both NEO and GAS coins/token are capped at 100 million each.

More details can be found here:

What is NEO, and what is GAS?: https://hackernoon.com/what-is-neo-and-what-is-gas-5b9828a1aa65

What is GAS? An Introduction to the NeoGas Crypto and What It Does Within NEO: https://coincentral.com/gas-introduction-neogas-crypto-within-neo/