Coincheck is a platform for cryptocurrency exchange and trading that enables project partners to earn passive income through crypto lending. Bitcoin, Litecoin, Ethereum, BitcoinCash and other cryptocurrencies are traded on Coincheck.
Coincheck is a Japanese exchange headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka. It was established in August 2014. In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen.
Coincheck has been a trademark of a company supplying in the United States since 2016 and a trademark since 2016. In January 2018, Coincheck was hacked and approximately $530 million was stolen. The hacking event led to the merger of Japan’s two cryptocurrency trading groups. The Financial Services Agency took administrative action ordering Coincheck to improve its security practices. However, he did not order the closure of the exchange due to the protection of its users. Coincheck initially announced that it may not be able to compensate all users affected by the attack. But it later announced that it would repay all 260,000 affected users in Japanese yen using its own capital. As of February 2021, the Tokyo Public Prosecutor’s Office has indicted 31 people for their involvement in stolen token transactions. In total, these individuals converted about 18.8 billion stolen coins into other cryptocurrencies.
The company has a web and a mobile application called Coincheck Trade View. Data and funds protection is provided by two-factor authentication and a genuine encryption system. Cryptocurrencies are stored using the cold method.
What are the Coincheck Advantages and Disadvantages?
We can list the advantages and disadvantages of the Coincheck exchange as follows:
Advantages
- Almost all of the popular cryptocurrencies are listed.
- A high level of platform security is provided.
- Web and mobile application available.
- There is no trade union.
- There is a lot of educational and explanatory material within the platform.
- It is possible to exchange cryptocurrencies with the Japanese yen, and there is a blockchain investment system.
Disadvantages
- Communication with the technical support service is only possible through the ticket system.
