Online broker Monex Group Inc., proprietor of those hacked Japanese crypto market Coincheck, is considering incorporating crypto to its own retail customer offerings in an attempt to become more aggressive in the local broker marketplace. The information was reported by Bloomberg on April 15.
As previously mentioned, Monex purchased Coincheck in April 2018 at the aftermath of the market's industry record-breaking $532 million hack January of the year.
According to Bloomberg, Monex currently sees its Coincheck participation as possibly instrumental in restoring its erstwhile market dominance.
Launched in 1999, Monex was allegedly after the nation's most popular online broker but has since reportedly been eclipsed by rivals like Rakuten, SBI Holdings and Mastui.
Monex's broker unit is consequently mulling the accession of electronic monies to its own offerings for retail customers in cooperation with Coincheck. Monex Securities Inc.'s new president, Yuko Seimei, declared a new approach is Vital to reviving the company:
“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap.”
Amid increasing competition from the foreign exchange market, Japanese investors' excitement for cryptocurrencies could assist the organization to recover clients, Bloomberg notes. The Japanese yen now accounts for ~46.5percent of federal fiat currencies exchanged for bitcoin (BTC), based on crypto statistics website Coinhills.
As mentioned, under the stewardship of Monex, Coincheck chose a succession of steps to boost its security and trading strategies, in addition to reimbursing those clients affected by the hack.
Back in mid-November 2018, Coincheck declared crypto trading and has been awarded an operating permit from Japan's Financial Services Agency in December 2018.
Monex Group's fiscal report on Q3 for its 2019 financial year disclosed that Coincheck had halved its losses in Q3 when compared with the previous quarter.
This March, Monex declared major adjustments to its administration composition, devoting three Coincheck executive directors into Monex functions to improve collaboration between the two companies.
Last week, Money Forward Inc., the operator of one of Japan's most common personal budgeting programs, declared a choice to stop its plans to establish a crypto strength market, citing sustainability concerns amid the bear market.