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It’s a deal! Monex Group Acquires Coincheck

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Monex Group, a Japanese financial services provide, hasr made an announcement to the effect that it will be acquiring 100 percent shares in Coincheck Inc. This was made public through a press release made by Monex on April 6th.

3.6 Billion Yen

This share execution is expected to take place on April 16th at a price of 3.6 bln yen ($33.5 mln). This price is determined based on Coincheck’s net asset estimate at the end of the fiscal year; April 2018. Both corporate auditors and directors will be appointed during an extraordinary meeting of Coincheck’s shareholders. Coincheck founders Yusuke Otsuka and Koichiro Wada will be stepping down from each of their posts as directors and CEO of Coincheck respectively and will keep on as operating officers.

Changing of the Guard

Toshihiko Katsuya, the Managing Director of Monex group, will be Coincheck’s representative director. Additionally, Oki Matsuoto, the CEO and founder of Monex will take up the post of director on the executive board.

Monex says:

We recognize blockchain technology and cryptocurrencies as next-generation technologies and platforms which are likely to drastically change the way people approach money,

With this acquisition, Monex hopes to create a wholly-owned subsidiary out of Coincheck from the consolidated financial results for the year’s first quarter for the fiscal year ending March 31st, 2009.

The NEM Theft Aftermath and Changes

According to a press release on their website, Coincheck announced this acquisition. The exchange says that Coincheck’s illegal breach, which led to the theft of $534 mln NEM, resulted in them changing not only the management system, but also the composition of their stakeholders. Coincheck intimated that it has had discussions regarding the possibility of acquiring the company’s full support.

With regards to the hack that happened in March, Cointelegraph has already made plans to refund its users that had been affected. Acknowledging the NEM theft, the brokerage insists that it will put more effort into ensuring that a secure Coincheck’s trading environment is put in place for customers. They plan to do this by using their own knowhow as well as human resources in risk management, business administration and customer asset protection systems.

Monex says:

We recognize blockchain technology and cryptocurrencies as next-generation technologies and platforms which are likely to drastically change the way people approach money. We will support Coincheck to provide [a] secure environment to customers and to grow sustainably as a socially valuable cryptocurrency exchanger,

This acquisition is an indication of interesting times ahead, especially if all goes according to plan.

What do you think of Monex’s acquisition of Coincheck? Will this deal create any notable impact in the crypto industry? Let us know your views in the comments section below.

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