Coincheck Parent Company Monex Matsumoto Interested in FTX Japan Acquisition = Report


Interested in acquiring FTX Japan

Dai Matsumoto, president and CEO of Monex Group, the parent company of domestic crypto asset (virtual currency) exchange Coincheck, expressed interest in acquiring FTX Japan, a Japanese subsidiary of FTX, on the 16th. Bloomberg reported.

Matsumoto explained to Bloomberg that the acquisition of FTX Japan is “generally interesting.” However, he declined to comment on whether he would participate in FTX Japan’s bid.

Relation: Severe shock in the virtual currency market, summary of Alameda shock and FTX turmoil

FTX, which filed for bankruptcy in November last year, last month applied to the bankruptcy court for approval to sell four businesses, including FTX Japan. The sale was later approved by the court on the 13th of last week.

Relation: Approval of sale of 4 businesses including FTX Japan by court decision

As of the 8th, about 41 companies have announced their interest in FTX Japan’s bid. FTX Japan’s preliminary bid deadline is the 1st of next month.

Mr. Matsumoto said this time that it would be better to have an oligopoly in Japan rather than a flood of cryptocurrency exchanges. In the future, he argues that there is potential in the Japanese market, as companies will not only purchase cryptocurrencies as investments, but also use NFTs (non-fungible tokens) for marketing. At the time, he said it was good to have less competition.

Relation: FTX Japan to return customer assets by mid-February next year

What is coin check

Japan’s leading virtual currency exchange. In January 2018, it was hacked and a huge amount of virtual currency leaked, causing a big uproar.

▶Cryptocurrency Glossary

Coincheck listing plan

Coincheck, a subsidiary of the Monex Group, plans to list its shares on the US Nasdaq. Matsumoto is also the chairman of the board of Coincheck.

Coincheck announced plans to list on the Nasdaq in March last year. Coincheck has become a 100% subsidiary of Coincheck Group BV (CCG), and to be precise, CCG is aiming to be listed on NASDAQ.

At that time, CCG explained, “By expanding our business globally and accelerating the development of new businesses in Japan and overseas and investment in the latest technology, we would like to play a role as a gateway to the digital economy.”

The current cryptocurrency industry is in a difficult situation due to the macro economy, the Terra turmoil, and the FTX bankruptcy, but Mr. Matsumoto said in this interview that CCG’s listing on Nasdaq will not be affected. He also emphasizes that Nasdaq listing is the most important strategy for the Monex Group to advance its business related to cryptocurrencies and blockchain.

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The post Coincheck Parent Company Monex Matsumoto Interested in FTX Japan Acquisition = Report appeared first on Our Bitcoin News.


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