Nearly 2 Million New Users Sign Up to Coincheck Since Reopening Trading Exchange Operations

2019-2-2 23:42

Coincheck reportedly managed to bag 1.7 million new downloads of its mobile app since it went back online. The exchange resumed account signups, deposits, and withdrawals in October. It has also allowed some limited trading since that time.

Towards the end of December 2018, the exchange had over 900,000 new users who had confirmed their identities. This seems like a major comeback for an exchange that has had huge problems with its security in past. In fact, it has the record for the worst hack of an exchange in the history of crypto.

The Rise of Trading Volumes

In January 2018, about $534 million in NEM was stolen for the exchange. The money was all lost and not a penny was recovered nor anybody found culpable in the theft. After that, all activity on the exchange was halted.

Since the hack, the exchange has been attempting to reinvent itself. To win back trust, it has been repaying victims and working to improve the security systems. Besides that, it has been trying to regularize all operations with regulators in Japan. On January 11, 2019, the exchange finally managed to complete its registration as an exchange.

In its latest earnings report for Q3 to March 31, 2019, that was published by the Monex Group, the trading volumes have grown a lot on the exchange. This was especially after depositing and purchasing activity resumed on this exchange. At the end of November, the exchange allowed full purchase and deposit for all crypto traded on the exchange.

This resumption played a role in the increased trading volumes and the growth potential for the customer base. Right now, the exchange is quite popular with millennials. This was according to the Monex Group that bought the exchange in April 2018.

Coin Check Losses Half

In the same quarter, the exchange reported that losses had halved to about $2.97 million from $5.39 million in the previous quarter.

This was due to increased user sign up. The revenue collected during Q2 was about $2.75 million.

The Future of Crypto

Monex said they have created their Blockchain Lab called BCLab. The lab will provide crypto and blockchain tech solutions to various firms. Additionally, Monex said that they believed crypto was an important aspect of all their operations. They believe that it will help them create new customers while at the same time expanding their business capability.

After the 2018 hack, it is amazing that Coincheck, which was bought for $34 million, has managed to get a license from Japanese regulators. The license means that the exchange can offer its services anywhere inside Japan. To get the license, Monex overhauled all the management and security systems. This way, the theft will never occur again.

However, there is never a guarantee with online systems. Hackers will always be snooping around waiting for half a chance to strike. If Coincheck were to suffer such a massive attack again, it is unlikely it would ever recover again.

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Источник: bitcoinexchangeguide.com

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Japanese Crypto Exchanges Are Seeking a New Life Under New Leadership

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Swiss Stock Exchange Operator Plans to Launch Crypto Exchange

SIX, the firm that operates and owns the Swiss stock exchange, has announced plans to launch a fully regulated digital cryptocurrency exchange. The firm says it plans to launch "the first market infrastructure in the world” which will “offer a fully integrated end-to-end trading" while providing a safe environment where digital assets can be issued and existing securities and non-bankable assets can be tokenized.

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