Coincheck’s 2018 woes have continued. The cryptocurrency exchange’s parent, Japanese brokerage Monex Group, announced in its third-quarter report the exchange’s revenue tumbled from more than $8 million in the first quarter to less than $3 million this quarter, a whopping 66 percent decline.
Monex Group acquired the exchange after it was severely weakened by a $520 million hack. Coincheck has continued to struggle since then. Monex Group noted in its earnings statement it allowed only “existing customer customers to sell their cryptocurrency.” As a result, this caused a “segment loss.” On the plus side, the exchange has “improved in governance, internal control and internal audit, aiming for full service resumption.”
Coincheck had nearly $9.5 million in trading volume over the past 24 hours. It has about 1.7 million users, which Monex said are from mostly younger demographic groups. “Customers’ financial assets and transactions per user are likely to increase over time,” Monex Group predicted in its earning report. Read more here.