Kraken Delists Namecoin later Meager Trading Volume

Bitcoin together with digital property commutation Kraken has ceased #Namecoin trading shape the commutation after determining that the currency did non warrant the endeavor to proceed back upward due to depression trading volumes.

Kraken has revealed that it volition non proceed to maintain or back upward Namecoin, next an assessment of supported coins inwards its commutation prior to making surely technical upgrades.

A blog post by Kraken explains that the commutation had to “reassess which coins were worth keeping together with which would last worth the additional endeavor to proceed to maintain.” In making the assessment, it was determined that Namecoin did non brand the cut, due to depression trading volumes for the currency. As a effect of the lack of trading, Namecoin was delisted from Kraken on May 23.

An excerpt from the weblog read:

It is no longer possible to deposit or merchandise Namecoin on the commutation together with clients amongst Namecoin balances should take their funds every moment shortly every moment possible.

At its peak, Namecoin had amassed a marketplace position cap of over $97 million, a high achieved inwards Nov 2013 yesteryear the currency. Currently, the currency holds a marketplace position cap of merely over $5 million, according to Coinmarketcap.

Kraken insisted that Namecoin’s delisting does non reverberate on the “merits of Namecoin every moment a digital asset.”

The commutation claimed to last supporters of Namecoin for a long fourth dimension together with stuck to supporting the token through merged mining together with a trying fourth dimension when a fundamental flaw was discovered inside Namecoin. At the time, Namecoin which is the footing for a decentralized domain lift organization (DNS), was works life to incorporate a flaw which potentially allowed whatever ‘.bit’ domain to last compromised, yesteryear anyone.

Namecoin has seen a marked decrease inwards trading together with marketplace position cap since its 2013 highs. Brief break followed toward mid-2015 but the reject continued shortly after, despite the near zero-trading fees offered yesteryear exchanges similar Kraken.

“Unfortunately, this was non plenty to garner the loyalty of the Namecoin trading community, together with after the revenues from trading Namecoin,” Kraken explained earlier adding that the currency did non justify continued support.

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