In news out this morning, the Japanese Brokerage firm Monex is considering buying cryptocurrency exchange Coincheck.
This is very big news and has far reaching implications.
Monex is a traditional brokerage firm located in Japan.
It also owns TradeStation here in the US.
The release can be seen here:
https://news.bitcoin.com/monex-shares-jump-following-news-of-coincheck-acquisition/
The specifics:
Monex is said to be offering several billion yen for a majority stake in Coincheck as soon as this week.
They will also set up a new management team to rehabilitate the exchange according to the Nikkei Asian Review.
The shares of Monex, which is a publicly traded company, skyrocketed on the news:
(Source: https://twitter.com/cryptomanran)
Climbing nearly 25% after the news was released.
If you recall, Coincheck was the Japanese exchange that was hacked several months back to the tune of $535 million worth of NEM coins.
They have been in hot water with Japanese regulators just about ever since.
What this news means:
This acquisition has major implications in that a fully regulated Japanese firm is getting involved in the space.
It also has implications out West as Monex owns TradeStation, which means that TradeStation will have an indirect tie to Coincheck as well.
TradeStation currently already offers bitcoin futures as well as real time cryptocurrency prices and this may mean they are going to be getting involved in the crypto space in an even bigger way.
Something I am sure Etrade, TD Ameritrade, and many of the other retail brokers are currently taking note of.
A Monex purchase of Coincheck would also further put a stamp of approval on the entire industry and further indicate that mass adoption of this as a legitimate asset class is likely on the way.
Stay informed my friends.
Image Source:
https://news.bitcoin.com/monex-shares-jump-following-news-of-coincheck-acquisition/
