Coincheck Revenues Down, Operator Launches Crypto Lending in US
Coincheck, one of Japan’s leading crypto exchanges, has reported that its revenues are down by over a third on last year’s figures – although its operator has launched crypto lending services in the United States.
Per a financial report from its operator the Monex Group, Coincheck said that its year-on-year operating revenue for the first quarter of the current financial year (April-June 2020) is down this year by 36% on its 2019 figures.
Coincheck announced that its operating income for Q1 FY2020 was USD 7.8 million. The exchange also collected 6% less in fees year-on-year for Q1. The exchange reported that it received USD 667,000 in transaction fees for the April-June period this year.
Monex, which also has a number of securities-related operations as well as American crypto business interests, has had a broadly positive start to the current financial year, and company-wide growth was up by almost 9%.
And Monex has also announced that TradeStation, a tech firm it owns in the United States, will launch a crypto lending platform named Crypto Earn. The platform will allow clients to lend institutions crypto assets, and collect interest.
TradeStation’s crypto brokerage launched in November last year in 40 American states.
Earlier this month, Monex became the first Japanese brokerage to launch crypto contract for difference (CFD) products for bitcoin (BTC) and three major altcoins.