The Japanese crypto-purse Coincheck desperately tries to turn the corner after the piracy it suffered in January 2018. However, it struggles to achieve this: the company has just recorded its second heavy quarterly loss.
Always a sequel to piracy
The reduction of transaction costs in the digital asset sector ( recently Monero , and soon for Litecoin ) means that, in the last three months, the majority of the main crypto-bourses generate exceptional profits. Unfortunately, this is not the case for all.
In fact, Coincheck's financial results show an increased loss of $ 5.25 million (588 million Japanese yen) between July and September, an increase of 130% over the previous quarter.
Its operating costs fell by about 17%, the accumulated deficit in the last six months reached $ 7.6 million, according to Monex, the brokerage company that acquired for $ 33.5 million in April.
In search of public trust
Inspections were conducted by the regulators after the piracy and as a result new customers were blocked.
1.7 million users continue to benefit from crypto-platform services. Only the sale of crypto-currencies is allowed.
Coincheck is currently working on implementing more sophisticated and secure internal controls and security measures to become an eligible crypto-exchange in Japan.
Monex Group President and CEO Oki Matsumoto said:
"Coincheck's ambition is to become a highly technology-driven company with a state-of-the-art security control system and the necessary know-how to ensure productivity at its true value. "Coincheck also aims to increase its user base by developing and providing new services that will attract Generation Y and other new economic players to Japan, the United States, and the Asia Pacific region. which, according to the group, will support future global growth.
What do you think of Coincheck's accumulated losses and its efforts to restore public confidence? Tell us in the comment section!