Coincheck is a Japanese centralized cryptocurrency exchange (CEX). In addition to the Coincheck spot market, the platform acts as a digital Bitcoin wallet. Launched in 2014, it's considered one of Japan's biggest bitcoin exchanges.
The Coincheck crypto exchange is KYC-compliant and requires ID verification. It uses JPY as its main fiat currency. Coincheck is available on desktop and mobile devices.
Due to compliance with regional regulations, the pool of Coincheck trading pairs is comparatively smaller. After listing Polkadot (DOT) in September 2022, the platform became host to 19 assets. Coincheck supports block trading.
Trading occurs on the Coincheck spot market. As of March 2020, margin trading is no longer available. Additionally, Coincheck offers over-the-counter (OTC) trading on transactions that exceed 10 million JPY. OTC trading is enabled using BTC, ETH, XRP, LTC, and BCH. There are no commission fees.
Coincheck exchange fees for crypto-JPY are asset-specific. The exchange uses the maker-taker model to calculate the costs of transactions locked in the order book. The Coincheck crypto price is typically listed in JPY. The fee structure is not tiered. The Coincheck trade volume does not play a role in the commission pricing.
When trading with BTC, MONA, or PLT, no Coinbase crypto fees apply for either makers or takers. If the trader uses Ethereum, the maker-taker fees are 0.050% and 0.0100%, respectively.
Coincheck crypto fees may vary depending on the chosen deposit and withdrawal methods. There are no withdrawal fees on bank transfers using JPY, although the customers pay deposit fees. Depending on the deposit amount, the fees may average between 770–1018 JPY. The standard Coincheck crypto price on withdrawals is 407 JPY.
There are no fees on virtual currency deposits. Transfer fees on virtual currencies are asset-specific and may vary.
Alongside the Coincheck spot market, lending is another service offered by the platform. Users can sign loan contracts with Coincheck. The interest rate is up to 5%. The lending service supports all assets listed on the Coincheck crypto exchange.
Japan-based customers can access Coincheck Denki and Coincheck Gas. With these services, users are able to pay their electricity and gas bills using Bitcoin. Up to 7% of the monthly bill is saved in the users' wallets as passive rewards. Part of the Coincheck crypto price used to pay the bills is discounted.
Coincheck provides support for blockchain-based projects via the Coincheck IEO program. Project teams can raise funds via token issuance campaigns. Each project is vetted before being listed on Coincheck IEO.
About the Company
Coincheck, inc. was co-founded in 2012 by Koichiro Wada and Yusuke Otsuka. The operations of the Coincheck crypto exchange were officially launched in 2014, several months after the collapse of the then-popular Japanese Bitcoin exchange, Mt. Gox. Its headquarters are located in Tokyo, Japan.
In January 2018, Coincheck experienced one of the biggest hacks in the history of crypto. Due to a security breach, roughly 500 million NEM (XEM) tokens were stolen. The stolen Coincheck crypto price was valued at more than $500 million.
After the hack, a new self-regulatory crypto organization launched in Japan. Roughly 260,000 customers were repaid by the Coincheck crypto exchange from the company's capital. More than 30 people were charged due to ties to the stolen assets. After the incident, the company moved its assets from hot wallets to offline physical storage.
In April 2018, following a 3.6 billion yen deal, Coincheck was acquired by the Japanese financial services company Monex Group.
In January 2020, the beta version of Coincheck Staking was released. The service was temporarily suspended in August 2021. The company has not released information regarding the relaunch.
In 2021, it was reported that the company had earned a revenue of $130 million, with its net income valued at $80 million. The Coincheck volume earned in Q4 2021 was estimated at more than 2 million JPY, or over $14.4 million.
In 2022, Coincheck signed a merger agreement with Thunder Bridge Capital Partners IV Inc. The deal, valued at $1.3 billion, allows the Coincheck cryptocurrency exchange to go public in the US. According to the data released around the time of the agreement, Coincheck has roughly 1.5 million verified users.
The company is a member of numerous financial organizations, including the Japan Blockchain Association and Japan Virtual & Crypto Assets Exchange Association (JVCEA). It accounts for nearly a third of the market share among the members of the JVCEA.
Koichiro Wada is the Deputy President of Coincheck, inc. As a programmer, he was directly involved with the development of the Coincheck cryptocurrency exchange. Between 2019 and 2020, Wada served as the Executive Director of Monex Group.
Yusuke Otsuka is the COO of the Coincheck crypto exchange. He has a degree in Quantum Mechanics from Waseda University. Before joining forces with Wada, Otsuka worked as a UX designer at Nexway, a FinTech and e-commerce platform.