CoinCheck is a bitcoin wallet and exchange founded in Japan in August 2014. CoinCheck is known for the recent hack of around 500 million NEM tokens which were valued in approximately $530 million at the time. The FSA (Financial Services Agency) ordered CoinCheck to improve its security practices, however, the exchange was allowed to continue operating.
At first, CoinCheck said they might not be able to repay everyone but shortly after announced they would in fact repay all 260,000 affected users using its own capital.
CoinCheck is now seeking a way to fund back their platform through an IEO (Initial Exchange Offering). IEO’s are really popular in 2019 and can certainly bring a significant amount of funding. CoinCheck plans to use utility tokens and sell them based on the rules and guidelines of the FSA-certified and self-regulatory organization.
CoinCheck said in their announcement that they would be targeting projects that have not raised enough funds yet and more specifically, projects that have enough content and want to expand their business.
In fact, projects can already fill a form provided by CoinCheck if they want to launch an IEO.