Monex Group Inc., who is actually the owner of the CoinCheck Japanese crypto exchange, is thinking about adding crypto to its retail client offerings. The goal is to become more competitive on the brokerage market and we read more about it in our coming altcoin news.
According to reports, Monex Group acquired Coincheck a year ago in April right after the exchange was hacked and lost nearly $532 million in the same year.
Going back to 1999 when Monex Group was founded, the company was one of the most popular online brokerages. However, since then, the company was run over by rivals such as SBI Holdings, Rakuten and Mastui. The brokerage unit of the company considers adding digital currencies for retail clients offerings by collaborating with Coincheck.
Monex Group Securities Inc.’s president Yuko Seimei believes that this strategy is crucial for the further success of the company:
“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap.”
Japanese investors seem to have a lot of enthusiasm for cryptocurrencies despite the increasing competition. The Japanese Yen is now accounting for 45% of national fiat currencies trader for Bitcoin according to statistics.
As previously reported in the latest cryptocurrency news, Monex Group got Coincheck under its wing and took multiple measures to improve the protection of the company and to develop its trading systems. The company also tried to reimburse those who were affected by the hack of the exchange.
Last year in November, Coincheck resumed trading and obtained an operating license from the Financial Services Agency in Japan in December 2018. The financial report of Monex Group shows that in the third quarter for 2019 fiscal year Coincheck halved its losses as compared to the preceding quarter. This month, Monex announced a few changes to its management organization by hiring three Coincheck executive directors to enhance the cooperation between the companies.
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