The broker’s acquisition of Coincheck and the crypto bear market appeared to weigh on overall performance.
The spin-off, currently dubbed TradeStation Crypto, would serve semi-professional traders and seeks to shore up profitability for Monex’s cryptocurrency offerings.
Reuters also noted today that Monex had a loss of over $15 million on its crypto operations in 2018. The figure, part of financial performance data released this week, stems from the loss-making Coincheck exchange thatMonex acquired last April.
Despite restructuring the platform and returning it to full regulated service, the operator saw total losses of 1.7 billion yen ($15.2 million) for the 12 months to March 2019.
Overall, Monex’s annual revenues dipped slightly compared to 2017, from $440 million to $420 million.
In November, BTC/USD almost halved to hit recent lows of $3,100, a move which accompanied a drop in mining activity and cost-cutting exercises by exposed companies such as mining giant Bitmain and exchange Huobi.
Monex also signalled changes could be afoot this month, with a plan to integrate crypto into its retail client offerings.
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Author: William Suberg
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