Confirmed: Monex Group acquired Coincheck

Confirmed: Monex Group Acquired Coincheck

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Tokyo based cryptocurrency exchange Coincheck Inc., will be acquired on April 16 by the online broker Monex. The purchase, a transaction estimated to cost 3,6 billion yen ($33,6 million), will allow Monex to gain access to Coincheck’s trading platform according to the press-release by Monex from April 6.

On the terms of agreement Monex Group Inc. will purchase 45,2% holdings belonging to the founder and CEO of Coincheck Koichiro Wada, 5,5% holdings belonging to the councillor of directors of exchange Yusuke Otsuka, and the remaining 49,3%, being in property of other shareholders of the company.

Also in a company official statement the purchase underlines the goal of offering public shares of Coincheck in the future, a first by a Japanese cryptocurrency exchange. The decision to purchase a cryptocurrency business is playing a key role to further the vision of Monex.

A main operating director of Monex, Toshihiko Katsuya, will occupy the post of president of Coincheck. At the same time founder of Coincheck Inc., exchange Koichiro Wada and operating director Yusuke Otsuka will resign from the board of directors of Coincheck Inc., and instead take up a position as executive directors of the firm. Founder and CEO of Monex,  Oki Matsumoto, will occupy the post of Director of the executive board.

Coincheck must become an independently owned subsidiary branch of the Monex company for revenue purposes for the first quarter of fiscal year, closing on March, 31 2019.

In a press-release on the web-site Coincheck confirmed acquisition. In obedience to an exchange, illegal hack in Coincheck, as a result of that was stolen NEM by a cost $534 million, brought them over to “secure appropriate and reliable business operations” and so the company has “decided to establish a new management structure with full support from the company”.

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