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 (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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.