Crypto General News

Coincheck to be acquired by Japan’s 3rd ranked online brokerage firm

Earlier on Friday, Monex Group a Japanese online brokerage firm revealed that it would be purchasing the hacked cryptocurrency exchange Coincheck, gaining complete ownership of the Tokyo-based firm for 3.6 billion yen ($33.59 million).

As soon as the announcement was made shares of the Japan-based brokerage firm started fluctuating, as of 11:35 a.m. HK/SIN the shares of Monex spiked by 20 percent.

Monex, Japan’s No.3 online brokerage by customer accounts, revealed in a statement it would commence the deal on the 16th of April 2018. The brokerage firm also went on to reveal that, Coincheck’s CEO and COO will resign from the board of directors with immediate effect and become the company’s executive directors.

Coincheck was drastically affected due to a $530 million theft of digital money from the exchange which led to the company receiving penalties from Japan’s financial regulators for lax security protocols.

As per reports, it was revealed that Monex’s managing director and senior executive officer, Toshihiko Katsuya shall be named as the president and representative director of Coincheck.

The deal will enable Monex to access Coincheck’s trading platform and customer base. Monex revealed that a net income of 471 million yen ($4.4 million) was generated by Coincheck for the year ended in March.

The arrangement brings another renowned financial administrations operator into the wilderness of cryptocurrency trading market in Japan. Bigger adversary, SBI Holdings a year ago acquired a permit to run a cryptocurrency trade, however, in February the firm called off plans to do as such as it attempted to reinforce the security of its trade.

About the author

mm

Joel Picardo

Joel Picardo is a crypto enthusiast, with almost 4 years of experience in this field, he is an expert freelance analyst and advisor. His passion for the crypto world combined with his immense knowledge motivated him to start Bittflex. He is a great asset and a fabulous manager of our project and has gone given it his all to make Bittflex a grand success.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *