Coincheck is to expand its operations into the USA

Coincheck is planning a great comeback after its credibility and opportunities were brought into question early in 2018
21 May 2018   1083

The Japanese crypto exchange has rebranded itself after an important security failure led to the loss of $500 million worth of NEM coins. A number of events happened over the past four months following Monex’s $34 million acquisition of the Japanese crypto exchange. The exchange has already returned customers while still managing to be profitable. 

The crypto exchange has upgraded its security systems as it looks to recover after the security scare. After the hack attack, the exchange tempted a decline in trading volumes as customers withdrew over $540 million worth of investments. The Japanese exchange with the help of the Monex acquisition appears to get a new lease on life. Coincheck has already filed the necessary documents as it wants to secure licenses in Japan. Monex stock prices surged immediately after announcing the Coincheck deal.

Coincheck is going to widespread its operations into the U.S. The timeline for the exchange to make its debut in the US market is not defined. The company is trying to develop itself in the West because of the lower tax rates, growing cryptocurrencies interest and the potential to add millions of new clients. The decision comes as a surprise given that the country is not so friendly to Crypto assets as Japan. However, Chief Executive Officer of Monex, Oki Matsumoto, remains confident that the firm will succeed in the U.S especially on targeting institutional investors. 

Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead.
Oki Matsumoto
Chief Executive Officer, Monex

The expansion into the U.S. won’t be an easy job, and Monex is banking on the fact that it won’t be beginning from scratch. Monex already has over 600 specialists in the US as part of its online business.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   848

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.