Monex Group Acquires Coincheck Exchange

Monex Coincheck acquisition

Monex group announced on April 5 that it had acquired all shares of Coincheck exchange for 3.6 billion yen ($33.6 million USD), according to Japanese news outlet The Mainichi.

In the beginning of 2018, Coincheck got hacked for more than $500 million USD and many investors who lost money in that heist sued the company.

Those are good news for the online brokerage, Monex Group, since it is now entering the cryptocurrency market, which has been their plan for a while. On the other hand, the transaction was necessary for Coincheck, because it will allow the company to refund its users, as the company expressed, earlier in March.

Oki Matsumoto, Monex CEO mentioned in a press conference,

“Coincheck is a global leader in cryptocurrency. We aim to fuse Monex’s financial know-how and Coincheck’s innovative philosophy.”

The Japanese online brokerage will acquire the shares of Coincheck’s founder Koichiro Wada for a total of 45.2%. Afterwards, it will get the 5.5% shares of Yusuke Otsuka, the board member and the 49.3% remaining on April 16.

Wada and Otsuka will continue to occupy executive roles following this acquisition and Toshihiko Katsuya, Senior Executive Officer at Monex, will be the new Coincheck CEO.

The Coincheck heist brought Japan’s two cryptocurrency industries to form a self-regulating body in February 2018.

Monex CEO mentioned that he believes the exchange will be able to work again in approximately 2 months since it is waiting for a government approval to restart business.

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