Monex has confirmed the takeover of Coincheck, a cryptocurrency exchange which has struggled after the theft of $530 million in cryptocurrency.
Monex intends to acquire 100 percent of the company. Financial details have not been disclosed.
Earlier this week, the Japanese broker confirmed interest in the acquisition of Coincheck but insisted nothing was concrete.
Monex has been “studying and experimenting” with blockchain technologies as part of the firm’s “New Beginning” business push, in which the broker intends to adopt new technologies to improve its financial solutions portfolio.
“We recognize blockchain technology and cryptocurrencies as next-generation technologies and platforms which are likely to drastically change the way people approach money,” the company says. “Therefore, since we announced “Monex’s new beginning” last October, we have considered entering the cryptocurrency exchange business and set up the Monex Cryptocurrency Lab to grow our business based on these new technologies.”
Monex added that Coincheck has been a “pioneer among cryptocurrency exchangers,” and this may not be too far from the truth.
Founded in 2014, Tokyo-based Coincheck has established a loyal following and despite the recent upheaval, has not been abandoned by those keen to keep trading on the platform.
Unfortunately, Coincheck became a victim of a successful cyberattack in January which left the cryptocurrency exchange $530 million out of pocket. Unknown threat actors managed to steal these funds in NEM (XEM) coins, which were…