Japanese Bitcoin Exchange Coincheck Sees U.S. as a Key to a Comeback

Published on by Cryptoslate | Published on

In January of 2018, Coincheck, Japan's largest crypto exchange joined the list of exchanges compromised by a devastating hack.

The exchange had trading volumes that rivaled the Tokyo stock exchange, but in the aftermath, Coincheck users withdrew more than $500 million from the exchange, and the ownership team was ousted.

Now, under new management, the exchange is working to resume business.

For exchange owners, there is no definite protocol for responding to a hack.

While Mt. Gox famously plunged into bankruptcy almost immediately following a heist on their exchange, others have improved their systems and continue to be successful after a breach.

Since acquiring the exchange, Bloomberg reports that Monex made significant investments in security upgrades to both protect the currencies on their exchange and to restore customer confidence in their platform.

Coincheck expects an official exchange license from Japan to signal when they are situated to return to the prominent position they held before the January attack.

Coincheck plans to expand operations by bringing its exchange platform to the United States.

Commodity exchanges Cboe and CME have offered Bitcoin futures since December 2017, Goldman Sachs is expected to launch a Bitcoin trading desk, and the parent company for the New York Stock Exchange is rumored to be developing its own crypto trading platform.

Although the price of their exchange was relatively low, their stock has doubled since the acquisition.

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