Monex Group to Acquire Majority Stake in 3iQ Digital Holdings
Japan-based Monex Group has announced its plans to acquire a majority stake in Canadian crypto asset firm 3iQ Digital Holdings. Monex Group aims to strengthen its asset management business by capturing the growing crypto asset management needs of institutional investors and exchanges worldwide.
Monex Group’s Expansion in the Crypto Industry
Monex Group acquired Coincheck, a crypto exchange, in 2018, and has since developed its digital asset investment business. After enhancing governance, internal controls, and security measures, Coincheck registered as a crypto asset exchange service provider in Japan. Monex Group also owns TradeStation, a US-based online brokerage service firm.
Monex Group to Leverage 3iQ’s Innovation
Despite experiencing outflows earlier this year, 3iQ has unveiled innovative products such as the industry’s first-ever comprehensive suite of crypto hedge fund managed accounts. Monex Group plans to leverage 3iQ’s product creation capabilities to maximize synergies among its group companies. 3iQ will collaborate with Coincheck and its extensive customer base of 1.8 million accounts.
Japan’s Growing Crypto Industry
While Japan lags behind Hong Kong and Singapore in terms of local digital asset market development, the nation’s crypto industry has seen progress this year. Japan revised the Payment Services Act to establish stablecoin-related regulations in June. Additionally, Circle, the issuer of the USDC stablecoin, partnered with SBI Holdings, a securities and banking giant, with the aim of expanding its presence in Japan.
Hot Take: Monex Group Expands Its Crypto Asset Business with Acquisition of 3iQ Digital Holdings
Japan-based Monex Group continues to strengthen its position in the crypto industry with the acquisition of a majority stake in 3iQ Digital Holdings. This strategic move allows Monex Group to tap into the growing demand for crypto asset management from institutional investors and exchanges worldwide. By leveraging 3iQ’s innovative product creation capabilities, Monex Group aims to maximize synergies among its group companies. This acquisition further solidifies Monex Group’s presence in the digital asset market, following its previous acquisition of Coincheck. With Japan making efforts to provide more guidelines and regulations, the nation’s crypto industry is poised for further growth and development.
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