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Monex Nets $100M First-Quarter Profit Driven by Crypto Trading
Coincheck, one of Japan's largest crypto exchanges, banked its parent 9 billion yen (US$82 million).
Monex Group, a Japanese online securities company, reported fiscal first-quarter pretax profit of 11 billion yen ($100 million) driven largely by its crypto division.
STORY CONTINUES BELOW
- Coincheck, one of Japan's largest crypto exchanges, banked its parent company 9 billion yen (US$82 million) in pretax profit in the three months ended June 30, according to results published Wednesday.
- That's up from the unit's 6.6 billion yen ($60 million) reported by Monex for the previous quarter.
- Monex attributes this performance to increased trading volume resulting from higher volatility in the crypto market.
- The securities company acquired Coincheck in April 2018 for $33.5 million.
Read more: Japan Increasing Efforts to Regulate Digital Currency: Report
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
