The Japanese crypto exchange has rebranded itself after an important security failure led to the loss of $500 million worth of NEM coins. A number of events happened over the past four months following Monex’s $34 million acquisition of the Japanese crypto exchange. The exchange has already returned customers while still managing to be profitable.
The crypto exchange has upgraded its security systems as it looks to recover after the security scare. After the hack attack, the exchange tempted a decline in trading volumes as customers withdrew over $540 million worth of investments. The Japanese exchange with the help of the Monex acquisition appears to get a new lease on life. Coincheck has already filed the necessary documents as it wants to secure licenses in Japan. Monex stock prices surged immediately after announcing the Coincheck deal.
Coincheck is going to widespread its operations into the U.S. The timeline for the exchange to make its debut in the US market is not defined. The company is trying to develop itself in the West because of the lower tax rates, growing cryptocurrencies interest and the potential to add millions of new clients. The decision comes as a surprise given that the country is not so friendly to Crypto assets as Japan. However, Chief Executive Officer of Monex, Oki Matsumoto, remains confident that the firm will succeed in the U.S especially on targeting institutional investors.
Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead.
Chief Executive Officer, Monex
The expansion into the U.S. won’t be an easy job, and Monex is banking on the fact that it won’t be beginning from scratch. Monex already has over 600 specialists in the US as part of its online business.