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Monex Group acquired Coincheck for cryptocurrency exchange service

Monex Group Inc. acquired Coincheck Inc. for US$33.59 million. Japanese online brokerage firm on Friday said it will build a cryptocurrency exchange service and acquire the full ownership of the Tokyo-based company for 3.6 billion yen.

Monex Group Inc. acquired Coincheck Inc. for US$33.59 million. Japanese online brokerage firm said Friday it will build a cryptocurrency exchange service and acquire the full ownership of the Tokyo-based company for 3.6 billion yen.

Tinuku Monex Group acquired Coincheck for cryptocurrency exchange service

Monex is Japan's third largest online brokerage based on the number of subscribers. The company said it will conduct an acquisition transaction on April 16. CEO and COO Coincheck will step down from the board of directors and become the company's executive director and Monex executive officer Toshihiko Katsuya will become president and deputy director of Coincheck.

The deal will allow Monex to access trading platforms and Coincheck's customer base. Bigger rivals are SBI Holdings Inc. which last year acquired a license to run a cryptocurrency exchange, but in February delayed the plan.

Monex said Coincheck had generated net revenues of 471 million yen (US$4.4 million) for the year ending in March. Monex shares rose 20 percent or the maximum allowed under the rules of the Tokyo Stock Exchange. Shares have climbed 40 percent since Monex is considering a deal.

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