Hacked crypto exchange wants to come to the US
Coincheck has new owners, new security and new plans to expand across the Pacific.
Popular Japanese cryptocurrency exchange Coincheck rocked headlines in January when hackers stole more than $400 million worth of NEM tokens from user wallets.
Subsequently, the exchange reimbursed its users who lost money but nevertheless watched an additional $540 million evaporate from its accounts as users pulled their money out, and Coincheck sold out to fellow Japanese firm Monex Group last month in a $34 million deal that will also split profits with the former owner for three years.
Now, after major investments in a more secure cryptocurrency trading platform and an application for a Japanese license, Coincheck is not only poised for a comeback in Japan but an ambitious expansion to the US, Bloomberg has reported.
Monex CEO Oki Matsumoto is a former partner of Goldman Sachs who created his own online brokerage during the dot-com boom and has traded cryptocurrencies on Coincheck for several years. He is gunning to revive the crypto exchange to its former glory – Coincheck made $490 million last fiscal year – and beyond.
And the United States plays a key role in his strategy to get there. Even though US regulators are not yet leading the way in cryptocurrency regulation, Matsumoto sees them as the world’s foremost influence on the future of the emerging technology. Plus, US taxes are now just a little more than a third of what Japanese taxpayers hand over, making American soil fertile ground for the continued growth of cryptocurrencies.
All of that, however, is just a plan at this point. A lot of rebuilding has to take place first, and Matsumoto has not yet revealed a timeline for when Coincheck will establish its US presence.
Disclosure: At the time of writing, the author holds XRP, CND, ANT, DRGN, EOS, NEO, ADA, AION, GTO, SALT, QTUM, WAX, BTC and ETH.
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