Japan’s Monex Group acquires majority stake in Canadian cryptocurrency company 3iQ
Japan’s Monex Group, which operates online brokerage, cryptocurrency exchange and asset management businesses, announced Thursday that it plans to acquire a majority stake in Canadian cryptocurrency asset company 3iQ Digital Holdings.
“Our long-term strategy is to strengthen our asset management business, and by adding 3iQ to our group, we aim to achieve high growth by capturing the cryptocurrency asset management needs of institutional investors and cryptocurrency exchanges around the world, which are expected to grow in the future. “We are doing this,” Monex Group CEO Yuko Seimei said in a statement.
Monex Group acquired cryptocurrency exchange Coincheck in 2018 and established a digital asset investment business. According to a statement from Monex Group, “After investing in governance, internal controls and security, we have registered as a cryptocurrency exchange service provider in Japan.”
Monex also owns TradeStation, a US-based online brokerage service.
Monex Leverages 3iG Innovations
Although 3iG experienced significant outflows earlier this year, Monex appears confident in the company’s ability to innovate. “3iQ recently unveiled the groundbreaking development of the industry’s first comprehensive suite of cryptocurrency hedge fund managed accounts,” Monex said. “We plan to leverage 3iQ’s cryptocurrency asset-related product creation capabilities to maximize synergies across our group companies.” added.
Frederick T. Pye, president and CEO of 3iQ, said it would work with Coincheck and its 1.8 million customer accounts.
Although Japan lags behind Hong Kong and Singapore in terms of local digital asset market development, the domestic cryptocurrency industry has made some gains this year, including efforts to provide more guidance and regulation. Japan in June Payment Service Act Amendment Enact regulations related to stablecoins. additionally, one, publisher ~ Of USDC stablecoin signs partnership with securities and banking giant SBI Holdings in November We are looking forward to expanding our presence in Japan.
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