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The Rise and Fall of Hellenic Coin, Greece’s First Cryptocurrency

Hellenic Coin Greece Cryptocurrency
The . Credit: Facebook/HNC Coin

Hellenic Coin (HNC), Greece’s first cryptocurrency, collapsed earlier in November after the CEO went off the radar for about two weeks, alarming investors about the future of the crypto.

The price of Hellenic Coin plunged as Vangelis Tsapas became unavailable – from over $1.20 on Nov. 8, to under $0.36 on Friday. That came after it had reached its all-time high of $4.84 back on June 14, 2021.

Tsapas, a businessman and owner of the basketball team Ionikos Nikaia, eventually reappeared and announced he would soon return to his business obligations at Hellenic Coin. Claiming media reports were responsible for the plummeting price, he insisted his absence didn’t play any role and stated:

“It’s falling, right, in which I, of course, have no involvement. Because I have never sold a single cryptocurrency. I do not have any, because I transferred everything last Friday for free, as I have the right, without taking a single euro,” he told the website Proto Thema.

His reappearance was too little too late, though, for the managing team of Hellenic Coin, which in a statement informed the public that he was not heading the project any longer.

Hellenic Coin under new management

“Mr. Tsapas joined the project, as CEO, in February 2020. HNC Coin was founded in February 2015 as the first Greek cryptocurrency. It is understood that Mr. Tsapas is neither the founder nor the owner of HNC Coin, as many articles in the print and electronic media incorrectly mention. No cryptocurrency has an owner and HNC Coin could not be an exception,” the firm’s statement said.

“HNC Coin is owned by thousands from all over the world. The existing team of HNC Coin makes a feverish effort with continuous discussions and contacts with existing and new investors and has already managed to create the backbone of an experienced team with investment knowledge, consistency, and responsibility that undertakes the continuation and development of the project.”

Failed to break from margins of the cryptocurrency market

HNC Coin calls itself a “dual-purpose currency,” both as a means of payment and as an innovative investment scheme. It is an open-source blockchain and cryptocurrency based on the blockchain technology of Dash cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature.

According to HNC, it seeks to overtake widely established cryptocurrencies with similar technologies. Since July 2021, HNC has grown and adapted Dash blockchain technology.

However, its acceptance by exchanges is relatively limited, financial experts are noting. Despite being around for six years it has failed to break from the margins of the cryptocurrencies market.

In the past couple of years, cryptocurrency has invaded Greek society, mostly because of high taxation and the pandemic. While the average Greek person might not know what “bitcoin” means, interest in its mining has risen significantly.

In Greece, an estimated double-digit percentage of the population is into cryptocurrency trading on various platforms. Mining, on the other hand, is a much more expensive and energy-consuming business for Greek individuals.

The cost of cryptocurrency mining equipment and the rising costs of electricity in Greece make crypto mining a prohibitive task for Greek citizens.

Related: All You Needed to Know About Cryptocurrency in Greece

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