Monex Group’s Acquisition of 3iQ Digital Holdings
Japan-based Monex Group is set to acquire a majority stake in Canadian crypto asset management company 3iQ Digital Holdings. Although the details of the transaction were not disclosed, Monex Group aims to maximize synergies within its group of companies by utilizing 3iQ’s expertise in creating crypto-asset-related products. Monex Group CEO Yuko Seimei emphasized the long-term strategy of strengthening their asset management business and capturing the growing needs of institutional investors and crypto asset exchanges worldwide.
Monex Group’s Previous Crypto Investments
This is not Monex Group’s first foray into the crypto industry. The company currently operates an online brokerage, a cryptocurrency exchange, and an asset management business. Five years ago, Monex Group acquired Coincheck, a Japanese bitcoin wallet and exchange service. With 3iQ, Monex Group aims to expand its portfolio further and bring about innovation despite recent outflows experienced by the Canadian asset manager.
Confidence in 3iQ’s Potential
Despite the challenges faced by 3iQ this year, Monex Group remains confident in its capacity to innovate. Last month, 3iQ launched the industry’s first comprehensive suite of crypto hedge fund-managed accounts through its Managed Account Platform (QMAP). This development highlights Monex Group’s unwavering confidence in 3iQ’s potential to succeed.
Growing Acquisitions in the Crypto Space
The partnership between Monex Group and 3iQ follows a trend seen in the crypto ecosystem, where companies are acquiring specialized startups to enhance their offerings. Terraform Labs recently acquired Pulsar Finance, a startup specializing in cross-chain portfolio management and analytics. While venture capital activity in the crypto space has decreased this year, Monex Group continues to pursue strategic partnerships, including a failed attempt to acquire FTX Japan.
Hot Take: Monex Group’s Expansion in the Crypto Industry
Monex Group’s acquisition of 3iQ Digital Holdings is part of its strategy to strengthen its position in the digital assets market. By leveraging 3iQ’s capabilities and expertise, Monex Group aims to meet the growing demand for crypto asset management from institutional investors and exchanges worldwide. This move demonstrates Monex Group’s commitment to innovation and its confidence in the potential of the crypto industry. As more companies continue to invest and acquire in the crypto space, we can expect further developments and advancements in the industry.
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