FX giant Monex are to pay their dividends in Bitcoin

Probably not the best timing (Bitcoin crash) but Monex who own Coincheck have announced they will be paying their shareholder dividends in Bitcoin.

The Japanese financial firm will be paying the benefit to existing shareholders and investors who hold company shares as of Sept. 30, 2019.

The company is said to be driven by the increasing “aspiration” to extend into the cryptocurrency industry. The Investors will receive the equivalent of 500 yen ($4.66) in BTC as a benefit for their shares, In the press releases Monex commented:

Responding to increasing aspiration for building assets in cryptocurrencies, the Company has decided to grant 500-yen equivalent cryptocurrency BTC to those shareholders who hold Coincheck accounts, which are operated by the company’s subsidiary Coincheck, Inc.

Shareholders are required to open accounts in Coincheck and complete the application in the ‘Shareholder Benefit Application Site’ by 11:59 p.m. on March 31, 2020 in order to receive 500-yen equivalent cryptocurrency BTC in early April 2020.

Is this all a ploy to get more Coincheck accounts open? I will let you decide. The Monex Group bought Coincheck in April 2018 for USD 33.5 million, after exchange’s high profile hack of USD 534 million in user funds. They are determined to make a success of the acquisition and it seems things are going well so far and this latest move shows they have confidence in the crypto industry.