![]() ![]() As owner Monex stated in the quarterly report: “Especially, trading value of altcoins increased significantly, which led to a 5.5 times increase in revenue.” In other words, less than 15% of Coincheck’s trading value basically generates all revenue. Similar to the way that Coinbase offers a “Pro” version of its platform to experienced traders, with a tiered, more attractive commission structure, Coincheck offers an “Exchange” with limited coin availability, but zero commission/zero spread trading, while the “Marketplace” with 16 coins (the broadest offering in Japan), generates spread income. Is Coincheck punching above its weight or relying upon an unsustainably high commission structure? In Japan, Coincheck claims a 28% market share of verified accounts while competing with 28 other members of the Japan Virtual & Crypto Assets Exchange Association (JVCEA). ![]() Regardless, with the numbers available to us, we can determine that Coincheck achieves more than 6% of Coinbase’s first quarter trading volume with a mere 2% of the accounts, and states explicitly that their net income was “close to 10 percent of that” of Coinbase. Alas, as of the close last Friday, Coinbase’s market cap has leveled off some, coming in at around USD 52.5bn. So you can bet that any crypto exchange operator around the globe is doing the comparison. First quarter results are in, and this time we have the benefit of comparing any exchange to the gold standard, with US-based Coinbase choosing the path of a direct listing, and registering an eye-popping market capitalization of close to USD 80bn on the first trading day.
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