Online brokerage Monex Group Inc. announced Friday that it would acquire Coincheck Inc.— the troubled cryptocurrency exchange that was hit earlier this year by a massive cybertheft — in a bid to enter the growing virtual currency industry.
Tokyo-based Monex, the third-largest online brokerage in the nation, said it will purchase 100 percent of Coincheck's shares for ¥3.6 billion ($33.6 million) this month and make the startup its wholly owned subsidiary.
Coincheck's growth and existing 1.7 million-user base are sure to help Monex ease into the cryptocurrency business. But the online brokerage will also be inheriting risks, including a damaged brand and lawsuits filed by investors affected by the NEM coin theft.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.