Japanese Broker to buy Coincheck for $33MIllion

Japanese online crypto broker Monex Group stated it will buy troubled cryptocurrency exchange Coincheck for ¥3.6bn ($33.6m) as part of a move to develop its expertise in virtual currencies andCrypto the tech behind them.

“We recognize blockchain tech as well as cryptocurrencies as next-generation tech and the platforms which are likely to severely change the way people approach money,” Monex claimed. 

Coincheck hit headlines in January this year after it fell victim to a now famous half a billion dollar hack in which intruders made off with 524M unites of the cryptocurrency XEM belonging to 290,000 customers.

Nikkei had reported earlier this week that Monex was eyeing Coincheck. Monex said it will support Coincheck “to provide a secure environment to customers and to grow ‘sustainably’ as a socially valuable cryptocurrency exchange dealer.” Monex said Coincheck had net assets of ¥54m in the financial year ending March 31st.

This deal is set to be executed on April 16. Monex shares jumped 20 per cent on the announcement to its their highest since 2013.

Olé Crypto,


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