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Japan's Fiscal Report Season: Which Encryption Exchanges are Making a Fortune Silently?

Abstract : The listed companies behind several large-scale crypto exchanges have repeatedly reported good news. The world's first legal exchange has ended in disappointment. Japanese giants want to attack the US market.

ChainDD
ChainDD

Sep 06

Recently, when Japanese listed companies released their earnings reports, people’s attentions are paid to the performance of the parent companies behind several major exchanges in Japan. What is gratifying is that several digital currency exchanges backed by big companies have announced budget surplus.

 (Budget surplus is the antonym of a deficit, meaning fiscal surplus - income is greater than expenditure.)

GMO Internet's main sources of revenue are Internet infrastructure, accounts and electronic transactions (EC). According to Japan's Financial News Network, although the overall financial market is sluggish, GMO said it has achieved Fiscal black in digital currency trading and mining.

The world's leading Coynheck turned over

Similarly, it was reported that Coincheck, which met difficulties in 2018, was acquired by Monex Group in 2019. After that, it kept developing and got a license smoothly. Last month, Monex Group reported that its digital currency-related business was Fiscal black. Coincheck's pre-tax profit was a surplus of 142 million yen (a loss of 259 million yen in the same period last year), which was generated after joining Monex in April 188.

At the same time, Monex Group said that the development of digital money in the United States is very smooth, planning to actively enter the U.S. market. With spot transaction fees reduced, it has expanded the U.S. market. At the same time, Matsumoto, president of Monex Group announced that he had joined the Libra Association when the quarterly results of April to June were released.

Monex filed an application for membership with Libra Association, which operates Libra Group on July 26. It is expected that the first review of application documents will be completed by the end of August and the final results of the review will be notified by the end of September. President Matsumoto said, "I think Libra's future development prospects are very broad. There will be many possibilities, so I hope you have confidence in Libra." "There is no ally who is more trustworthy than the Libra Association," he added.

According to Japanese media, Monex Group is required to invest $10 million in this alliance, and this alliance is not based on Coincheck, the digital currency exchange, but on Monex as the main target. It shows Monex's determination this time.

Coincheck, a newly promoted legitimate exchange, has been one of the world's leading exchanges with balanced and firm efforts. DeCurret Co., Ltd., which is also a new legal exchange, is emerging.

The digital currency trading company, funded by Japan Communications Corporation IIJ, was run by the informal army until it was granted a trading license issued by the Financial Department. Its speed is so fast that people have to have a strong interest in its parent company.

DeCurret currently trades in five currencies. Recently, it has cooperated with Japanese telecom operator KDDI, Rakuten Payment "Rakuten Edy" and 711 Settlement "Nanaco" for offline layout. Shitian Yiguang, president of the company, said, "This action can not only retain the existing mode of accounts, but also achieve the circulation of digital money."

Rakuten Wallet Starts Spot Trading

Late in August, Rakuten Wallet, subcompany of Rakuten, announced the start of the digital currency spot trading business. The platform can trade bitcoin, Eth and bitcast. Users can also trade through mobile phones. At present, only Android version is available. iOS is tentatively scheduled for public beta next month.      

Bit Flyer, Japan's largest exchange, cooperates with Tpoint Japan

Bit Flyer, Japan's largest trading digital currency exchange, announced its cooperation with Tpoint Japan on 20th last month, according to think tank data. Bitcoin is purchased directly on the exchange through the points of Tpoint Japan. At present, Tpoint cardholders can pay directly through Bitcoin in major electrical cities and travel websites in Japan.

As a scorecard company with extensive offline distribution in Japan, Tpoint has cooperated with SBI Group in investment trust and stock trading, and traded directly through Tpoint.

Zaif, the world's first legitimate exchange, withdrew gloomily

But relatively speaking, 19 licensed exchanges are not developing very well. Bitpoint Japan was recently stolen after the Financial Department lifted its business restructuring ban, followed by a compensation lawsuit from Taiwan. When the platform pirated money in July, Taiwanese users used Bitpoint when they traded. At that time, the platform overcharged users with their tokens. But Remixpoint now says it has not received any formal charges and refuses to comment on it.

Another one who is also undergoing difficulties is the once-thriving Zaif Exchange. It received 5 billion yen of foreign aid from Fisco Exchange, who was licensed by the Financial Department and was offered some orders, after the platform's 7-billion-yen piracy event in September last year. Last week, Tech Bureau, the parent company of Zaif, officially announced that it would stop all digital currency trading businesses, and all these businesses would be transferred to Fisco Group. This is also the first case that announced the suspension of digital currency trading business since Japan's New Funds Decision was released. It has a far-reaching impact and sounded an alarm bell for several licensed exchanges.

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