Monex Nets $100M First-Quarter Profit Driven by Crypto Trading

Monex Nets $100M First-Quarter Profit Driven by Crypto Trading

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.

  • Coincheck, one of Japan's largest crypto exchanges, banked its parent company 9 billion yen ($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.
  • Source