Despite High-Profile Heist Coincheck Earned Upto $432.56 million in Profit
Japanese online brokerage firm Monex Group has revealed its blockchain and initial coin offering (ICO) plans in its financial results for fiscal year ending March 31, 2018. The Japanese crypto exchange Coincheck earned an estimated $432.56 million between the months of its hack.
The cryptocurrency exchange Coincheck has had a bit of a year. Starting with a massive digital heist of about $530 million worth of NEM (XEM). In the aftermath of that, it had to refund customers affected by the theft, compensating users who had their funds stolen.
Coincheck deals in Bitcoin and 12 other cryptocurrencies. The exchange’s profits largely come from the premium it adds to customers’ purchase prices.
The fact that Coincheck still turned a profit after experiencing one of the worst heists in the cryptocurrency market’s history serves to provide some explanation as to why Monex purchased the Japanese exchange in the first place. In short, cryptocurrency exchanges turn massive profits.
According to report, the brokerage giant is planning to go big on blockchain. It intends to build its own blockchain, design a new blockchain-based service, as well as use the technology to execute all trading of financial products.
Join Us On Telegram