Cryptocurrency Derivatives Series: Bitcoin Price Dynamics And Hedging Strategy Ahead of Options Expiry Season
Cryptocurrency Derivatives Series: Brazil’s SEC CVM Orders Cryptocurrency-Exchange Binance To Stop Futures Trading
Crypto-Technicals: ETH/USD Stalls On Hanging Man, Bulls Eyeing On Breakout Of 100-EMAs, Hedging Perspectives For Upside Risks
Blockchain Revolution Series: India’s Leading IT Giant TCS Launches Quartz Smart Solution For Cryptocurrency Trading
Digital Currency Revolution Series: Gemini Designates Ex-Goldman Sachs Executive As MD For APAC Region
Digital Currency Revolution Series: US CFTC Recognizes Digital Transformation And Hints Holistic Framework On Digital Assets
Digital Currency/Stablecoin/Tokenization Series: Crypto Garage Launches Yen-Pegged Stablecoin On ‘SETTLENET’
Digital Currency Revolution Series: Bitcoin Bulls Drift In Sideways After Bullish Engulfing – Uphold Long Hedges
Regulatory Series on Cryptocurrencies: US SEC Hammers Lobbyist CEO of AML Bitcoin With Fraudulent ICO Project
Digital Currency Revolution Series: Ethereum Bulls Halt At $250 But All Set To Take-Off, What Drives Further Upside Journey?
Monex Group to acquire crypto exchange Coincheck for 3.6B yen
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.