Monex Group acquires Japan-based Coincheck cryptocurrency exchange in a deal worth $33.5 million
- The takeover is the right deal coming at the right time for Coincheck crypto exchange.
- Monex team is committed to developing a secure transparent business at Coincheck.
The much publicized Coincheck takeover deal has been confirmed. The online business guru Monex Group and the crypto exchange, Coincheck have signed the deal worth $33.5 million; an equivalent of 360 million yen. This figure is an insight into the value of most cryptocurrency exchange platforms.
Monex made an official announcement stating that this deal shows the significance of the blockchain technology, the digital asset market as well as the financial market in general. Similarly, the takeover is the right deal coming at the right time for Coincheck exchange which has been struggling to stay afloat due to financial obligations. Besides, Monex Group will bring the missing financial management executive experience to the cryptocurrency exchange.
Coincheck troubles began in January this year after falling victim to a hack attack that resulted in the loss of about $530 million in NEM cryptocurrency. However, Monex team is committed to developing a secure transparent business. Furthermore, the online business firm, Monex is ready to incorporate all the human resources at its disposal to ensure that risks are managed while customer funds are protected. Monex will also use the blockchain and digital currencies expertise at Coincheck to further its new beginning for “MONEX.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
