Home Altcoins News Monex Group Shares Leap 23% Off News of Coincheck Buyout

Monex Group Shares Leap 23% Off News of Coincheck Buyout

coincheck money group

A financial service group based in Tokyo, Japan named Monex Groups had finally considered buying the Coincheck. The shares in Monex had jumped to 23 percent off the news that the retail investor is seeing the Japanese exchange, which is hacked this year. This decision will give an edge not only to the financial service group but also to the owner of Coincheck, allowing Monex to enter the increasing and developing crypto market while giving the Coincheck’s owner to have its way out.

If we can still recall, Coincheck has been hacked just last January this year and following the company’s loss of about $500 million in the NEM, the owner of Coincheck have looked incredibly uncomfortable. The exchange had resumed the trading and able to reimburse the NEM clients. Behind this continual processing and operation, it is not a secret to all that Coincheck’s owner is finding a good way to quit this business.

With this idea and decision made by the owner of Coincheck, it is good that Monex is there to take over the operation. Indeed, they found a good solution with the financial service group. According to Nikkie stock exchange, if the deal is made and comes into success, it might be worth a several billion yen.

Perhaps one of the reasons and problems why Coincheck’s owner has his decision is that they are facing a great phenomenon of restoring the client’s trust after the notorious hacking. And maybe changing a guard to take over the business would somehow change the way the game works. As a financial service group, Monex is highly regarded as a company specialized in foreign exchange, brokerage, alternative investments, and insurance, but they don’t have exposure when it comes to cryptocurrency.

The acquisitions for the cryptocurrency exchange are very rare, though last month’s Circle had resolved its takeover of the Poloniex. Just from the previous week, the Bitarg exchange in Japan had denied the report that Yahoo is deciding to buy it. Also, Nathaniel Popper of the New York Times had tweeted a rumor about investors in South Korea are eyeing about $400 million moves for the Bitstamp.

The shares in the Monex Group had jumped 23 percent off the news in the buying out of the Coincheck, which effectively hits their everyday limit of about 424 yen, as well as coinciding with the Bitcoin that climbs up to $400 while the market of cryptocurrency gets back to green.

The deal between the Monex and Coincheck will more likely go through and be a success. Nikkie had reported that the plans are already in place for the Chief Executive of Coincheck, Koichiro Wada and he will be stepping down once the deal is made. But before the deal will be signed in the papers, Monex will be seeking a support from Japanese Financial Service Agency about the registration of Coincheck, which still needs an approval at the moment it is hacked in January, which caused them to lose $500 million.


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Sydney Ifergan

Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.

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