Japanese online brokerage to buy Coincheck for ¥3.6b

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Japanese online brokerage to buy Coincheck for ¥3.6b

Hacked Japanese virtual currency exchange Coincheck says it's being acquired by a major online brokerage. The deal is expected to be executed on April 16.

Monex is to renew the exchange's board of directors. The current Monex managing director and senior executive officer, Toshihiko Katsuya will become president of Coincheck.

The companies will hold a news conference at 4 pm local time (0700 GMT).

Monex has chose to acquire Tokyo-based Coincheck for 3.6bn yen (£23.9m). The acquisition price is calculated from the net asset estimate of Coincheck at the end of the fiscal year ending March 2018.

Monex shares surged by 20%, the maximum allowed under Tokyo Stock Exchange rules, while the benchmark Nikkei average was flat.

In an official statement announcing the deal, Monex said it recognises blockchain technology and cryptocurrencies as "next-generation technologies and platforms which are likely to drastically change the way people approach money".

The deal bring another mainstream financial services operator into the frontier cryptocurrency trading market in Japan.

In terms of the growing crpytocurrency market in Japan, it helps to put the exchange at least on-par with its larger competitor SBI Holdings Inc., which past year obtained its own license to run a cryptocurrency exchange.

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