Monex Group’s financial report shows marked improvement in Q3 of fiscal year 2019
Tokyo-based Monex Group which is the owner of the previously hacked cryptocurrency exchange Coincheck announced its financial results for the third quarter of the 2019 fiscal year on Thursday. As per the financial report the company has cut down its losses to half in quarter 3 for the fiscal year 2019, as compared to the previous quarter.
As per the report, the total revenue of Monex Group stands at 40.78 billion yen ($374.8 million), which shows a 4.86% growth over the same period in 2017. Monex Group acquired Coincheck in April 2018 and Monex Group’s crypto asset segment reported a loss of 300 million yen ($2.76 million) which is a big improvement on the second quarter of the fiscal year 2019, when the crypto asset segment posted a loss of 600 million yen ($5.52 million).
Last year in January, the cryptocurrency exchange suffered one of the biggest heists in the crypto history when the exchange reported a theft of nearly $530 million worth of NEM tokens from its wallets. The exchange identified 11 addresses to which the stolen NEM was sent. After the hacking incident, Monex Group acquired the exchange in April for $34 million.
Earlier this month, the exchange was granted the cryptocurrency exchange license by the Financial Services Agency [FSA] after it improved its risk management and governance systems. “Coincheck has given a full explanation to the agency on the firm’s business descriptions, plans, and basic philosophy on risk management, as well as on the development of the firm’s governance with concrete internal controls and customer protection in mind,” Coincheck said at the time.
As per the financial report, the number of downloads of Coincheck app stands at 1.73 million and the number of accounts at Monex Securities is at 1.81 million.
The document further reveals that the firm has established a Monex Cryptocurrency Lab which offers up-to-date information related to cryptocurrencies to individual traders.
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