Japanese Mobile Operator NTT Docomo Partners with Crypto Exchange Monex
Japanese mobile operator NTT Docomo has announced a capital partnership with crypto exchange Monex to develop new asset formation services for customers. The agreement will establish an intermediate holding company on January 4, 2024. Monex Group chairman Oki Matsumoto expressed excitement about joining forces with NTT Docomo during a press conference, referring to the company as a “giant.”
Under the partnership, NTT Docomo will hold a 49% share of the holding company for ¥48.5 billion ($326 million), making Monex a consolidated subsidiary. The mobile operator will have the right to nominate a majority of board members for the new intermediate holding company.
The official release highlights that customers will continue to use the same services but can expect an even more advanced and enhanced experience through the capital and business alliance.
Monex’s Interest in FTX Japan
Following FTX’s issues in November 2022, Monex expressed interest in acquiring FTX’s Japan arm due to favorable regulations in Japan. Monex CEO Oki Matsumoto stated that less competition in the local market would be beneficial for his company. He also emphasized the potential of Japan’s crypto landscape due to its liberal regulations. Monex previously acquired Coincheck Inc., which was targeted by hackers in 2018.
Hot Take: NTT Docomo and Monex Collaborate to Enhance Crypto Services
NTT Docomo’s capital partnership with Monex marks an important collaboration in the crypto industry. By forming an intermediate holding company, both companies aim to provide customers with advanced asset formation services. This strategic alliance demonstrates their commitment to meeting the evolving needs of crypto investors. Additionally, Monex’s interest in acquiring FTX Japan further showcases the company’s ambition to expand its presence in the Japanese market. As the crypto industry continues to grow and regulations become more favorable, partnerships like this will contribute to the development of innovative and user-friendly crypto services.
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