Bitcoin Cryptocurrency Is Booming
Japanese financial services provider Monex has offered to acquire a majority stake in the cryptocurrency exchange Coincheck in a "billions of yen" deal, Nikkei Asian Review reports April 3, citing unnamed sources.
Sources familiar with the matter told the news outlet that Monex has offered an amount believing to run into "billions of yen for a majority stake" in the exchange.
Monex did confirm this morning that they are considering the acquisition, but no official decisions had yet been made. The deal is expected to be announced by early next week, according to the news outlet. Coincheck promised to refund all the 523 million NEM tokens stolen from customers. Coincheck has since been seeking support from an external party.
Through this acquisition Monex will be aiming to rebuild the reputation of Coincheck through establishing a safe and secure environment for cryptocurrency exchanges.
Monex shares spiked over 23 percent following the report, the maximum allowed by rules mandated by the Tokyo Stock Exchange to push the company's overall market cap to 114.3 billion yen ($1.08 billion).
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The news about the acquisition comes after Japan's Financial Services Agency (FSA) ordered Coincheck to overhaul its operations, including protecting the assets of clients and implementing anti-money-laundering (AML) measures. Monex will appoint a new president and other executives.
Monex said that it has been looking at blockchain technology with interest lately and in January it set up the Monex Cryptocurrency Lab to study the future development of crypto currencies and provide information to investors.
Coincheck founder Koichiro Wada as well as chief operating officer Yusuke Otsuka are expected to step down once Monex takes control, though they will apparently remain as shareholders, according to the report.
Monex said in a statement that it is considering a takeover of Coincheck, but nothing had been decided.
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