Monex, the second biggest online broker in Japan is taking over cryptobroker Coincheck, according to Japanse newspaper Nikkei. An interesting move, since earlier this year Coincheck was hit by a hack, losing millions.
The deal gives Monex full ownership over tradingplatform Coincheck, as well as the customer base. It’s not clear yet how large this customer base is. Monex marketshare is about 114,3 billion yen, about 900 million dollar.
Noticeable is the move from mainstream broker Monex to crypto-trading, showing cryptocurrencies are here to stay. Monex isn’t yet involved in any form of cryptotrading, but this will change with this takeover, as Coincheck is the fifth largest cryptoexchange in Japan.
Even though the numbers aren’t out yet, the recent hack will definitly put the pressure on Coincheck lowering the price. Sources claim around 530 million dollar in NEM-tokens were stolen, one of the biggest crypto-thefts in history. Coincheck checks are still being cashed in on the darknet. Customers were compensated, although not fully. They have spent over 430 million dollar in compensation. An unprecedented move which must have hurt the wallet of the company quite some bit.
His background includes a BA in English with Film from King’s College London and a Master’s degree in Applied Linguistics. He has previously worked at universities in Japan and the Netherlands.
Christopher has more than ten years’ experience writing on a wide range of topics. He has a strong interest in cryptocurrency and the development of blockchain technology, with his writing now focusing on exciting new projects and trends within the cryptocurrency space.
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