Online brokerage Monex Group Inc., of the hacked crypto exchange , is considering adding crypto to its retail client offerings in a bid to become more competitive in the local brokerage market. The was by Bloomberg on April 15.
As previously reported, Monex Coincheck in April 2018 in the wake of the exchange’s industry record breaking hack in January of that year.
According to Bloomberg, Monex now sees its Coincheck involvement as potentially instrumental in restoring its erstwhile market dominance.
Founded in 1999, Monex was reportedly once the country’s most popular online brokerage, but has since reportedly been eclipsed by rivals such as Rakuten, SBI Holdings and Mastui.
Monex’s brokerage unit is thus mulling the addition of digital currencies to its offerings for retail clients in collaboration with Coincheck. Monex Securities Inc.’s new president, Yuko Seimei, conceded that a new strategy is critical to reviving the firm:
“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.”
Amid increasing competition in the brokerage market, Japanese investors’ enthusiasm for could help the organization reclaim clients, Bloomberg notes. The Japanese yen currently accounts for of national fiat currencies traded for (), according to crypto statistics site Coinhills.
As reported, under the stewardship of Monex, Coincheck took a series of measures to improve its protection and systems, as well as those affected by the hack.
In mid-November 2018, Coincheck crypto and was an operating license from ’s Financial Services Agency in December 2018.
Monex Group’s financial report on Q3 for the 2019 fiscal year that Coincheck had halved its losses in Q3, as compared with the preceding quarter.
This March, Monex major changes to its management composition, appointing three Coincheck executive directors to Monex roles to enhance cooperation between the two firms.
This week, Money Forward Inc., the operator of one of most popular personal budgeting apps, announced a to halt its plans to launch a crypto asset exchange, citing profitability concerns amid the bear market.
Japanese e-commerce giant has meanwhile just registration for users of its crypto exchange Rakuten Wallet, which is set to go live in June.
Published at Tue, 16 Apr 2019 12:09:00 +0000
