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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“With Skyweaver using Ethereum, it means you can send your cards to your friends, trade them with other players on our platform, trade them on another website, buy/sell them on Reddit, burn them, lend them to people that want to play with your cards while you are on vacation, etc. Basically, we can't prevent you from doing whatever you want with these cards, just like physical cards.”SkyWeaver is now working in a private beta and is expected to launch later this year and in the meantime Horizon is inviting new players to try out the game every week as we read in the reports in the coming altcoin news.
Crypto Exchange Poloniex Drops 23 Pairs Due To Low Volume
‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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