Japanese online brokerage Monex to buy crypto-exchange Coincheck for $34m

Photo: Reuters

Japanese online brokerage firm Monex Group Inc said on Friday it would buy hacked cryptocurrency exchange Coincheck Inc, acquiring full ownership of the Tokyo-based firm for 3.6 billion yen ($33.59 million).

Monex, Japan’s No.3 online brokerage by customer accounts, said in a statement it would execute the deal on April 16. Coincheck‘s CEO and COO will resign from the board of directors and become the company’s executive directors, Monex said.

Toshihiko Katsuya, Monex‘s managing director and senior executive officer, will become president and representative director of Coincheck.

The companies will hold a press conference at 16:00 local time (07:00 GMT).

The deal will allow Monex to access Coincheck‘s trading platform and customer base. Monex said Coincheck generated net income of 471 million yen ($4.4 million) for the year ended in March.

The deal bring another mainstream financial services operator into the frontier cryptocurrency trading market in Japan. Larger rival SBI Holdings Inc last year obtained a licence to run a cryptocurrency exchange, but in February postponed plans to do so as it sought to bolster the security of its exchange.

Coincheck was hit by a daring $530 million theft of digital money earlier this year, prompting penalties from Japan’s financial regulators for lax security protocols.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.