Monex Nets $100M First-Quarter Profit Driven by Crypto Trading
4 min ago•1 min read•Other
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.