Coincheck has Registered 1.7M New Users Since Resuming Operations

Coincheck has Registered 1.7M New Users Since Resuming Operations

Coincheck

Recent report announces that 1.73 million users have downloaded the Coincheck mobile app since it commenced withdrawals, deposits, new account sign-ups, and limited trading in October, and as at the last week in December, over 900,000 out of the new users had confirmed their identities. This is a great achievement especially for exchange such as Coincheck which is known for having suffered the greatest hack in the short history of virtual currency.

Coincheck Hack

In January 2018, Coincheck was robbed of about $534 million worth of the NEM cryptocurrency and since the money was never recovered, the exchange stopped operations.

Since then, the exchange has been striving for a comeback by improving security systems, regularising its operations with Japan’s final financial regulator, and, paying back people who ran into losses as at the time of the theft. However, Coincheck completed its registration as a cryptocurrency exchange on the 11th of January this year.

The financial report states that: “Service resumption contributed to an increase in trading volume [and] growth potential in customer base where the millennials are the majority.”

Coincheck is Not Yet Making Profit

According to its financial report, the exchange experienced loss which equals about 324 million yen (about $2.97 million). Comparing this to that of the previous quarter which is about 588 million yen ($5.39 million), the exchange is showing signs of improvement. Revenue came in at $4.59 million, up from $2.75 million in the second quarter.

According to Monex, the exchange has established its own Blockchain Lab (BCLab) of which its main goal is to provide blockchain or virtual currency technology solutions to various companies.

Furthermore, the group discussed the impact of cryptocurrency on its entire operation. It said that: “Cryptocurrency trading business will be a key to enhancing cross-segment interaction” which will expand “business capability and create new customers.”

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