Coincheck to Lost $5M in Q3

Thus, since the acquisition of Coincheck by the Monex Group, the total loss of the trading platform reached $ 7.5 million
29 October 2018   1101

Coincheck, which lost more than $ 500 million due to the January hack, reported an increase in losses in the third quarter of 2018. This is reported in the financial report of the Japanese online broker Monex Group, the parent company of crypto-exchange.

The document says that the cryptoactive assets segment presented by Coincheck brought Monex Group revenue of 315 million yen (about $ 2.8 million) from July to September. This is 66% less than in the previous quarter, which resulted in Coincheck's revenue of $ 8.4 million.

According to the company, despite the fact that over the past three months, the costs in the cryptosegment have been somewhat reduced, the consequences of the hacker attack continue to be felt. Thus, for the period from July to September, the company's loss amounted to $ 5.25 million. At the same time, in the previous quarter, this figure was $ 2.3 million.

Thus, since the acquisition of Coincheck by the online broker Monex Group, the total loss of the trading platform reached $ 7.5 million.

According to the Coinmarketcap analytical service, the daily trading volume at Coincheck is $ 4.8 million. At the same time, only one trading pair is represented on the trading floor - BTC / JPY.

Representatives of the Monex Group said that Coincheck is currently working to ensure more comprehensive and effective internal controls and security measures. This is necessary to obtain a license from the financial regulator.

The report also states that the total user base of the Monex Group is 1.7 million people. The company has 1025 employees, 15% of which are involved in the cryptocurrency segment.

Earlier, the head of the Monex Group, Oka Matsumoto, expressed the opinion that cryptocurrencies can “take off” as derivatives in the 1980s.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   555

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.