Japanese online brokerage firm Monex Group last week officially announced that it will acquire Coincheck cryptocurrency exchange for 3600 million yen (approximately $34 million).

Coincheck suffered a major hack earlier this year in which it lost nearly $530 million in NEM tokens. Monex said that it has decided to acquire 100% shares of Coincheck, which is currently in the process of enhancing its governance and internal control after receiving the business improvement order from the Kanto Local Finance Bureau following the hack.

Monex said that it plans to make Coincheck a wholly owned subsidiary from the consolidated financial results for the first quarter of the fiscal year ending March 31, 2019.

“We aim to build a secured business environment for customers by fully backing up Coincheck's enhancement process. Specifically, we will maximize the use of our expertise and human resources of business administration, system risk management, and customer asset protection system that we have cultivated since the establishment in the online securities industry,” Monex said in its official release.

Monex said that it recognizes blockchain technology and cryptocurrencies as “next-generation technologies” and on these lines it has established its Cryptocurrency Lab.

“Through integrating Coincheck’s knowledge on blockchain technology and cryptocurrency with our knowledge on financial industry, we will accelerate the “MONEX’s new beginning” and contribute to the sound development of the cryptocurrency industry,” it added.

According to the official release, the acquisition will take place on April 16, 2018. Existing Coincheck President Koichiro Wada and Director COO Yusuke Otsuka will resign from the board of directors and will become executive directors, while Toshihiko Katsuya, Managing Director and Senior Executive Officer of Monex, will be appointed as a new Representative Director.