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cryptocurrency April 5, 2018

The Japanese digital asset exchange Coincheck will be purchased by an online brokerage.

On April 5, it was reported that the Japanese cryptocurrency exchange Coincheck, which was robbed of some 523 million NEM tokens on January 26, decided to accept an offer from online brokerage Monex Group to acquire the beleaguered firm.

The takeover will see the brokerage’s COO, Toshihiko Katsuya, assume the role of president at Coincheck.

It is anticipated that the exchange‘s founding president, Koichiro Wada, and current COO, Yusuke Otsuka, will step down once the digital currency marketplace receives some sort of capital as payment for the acquisition. While the value and form of this capital have not yet been disclosed, sources suggest that the deal will be worth tens of millions of dollars.

Monex, which is also a Japanese firm, was motivated to make the offer in part because it wanted to gain access to Coincheck’s customer base.

Japan’s Financial Services Agency (FSA), which had instructed Coincheck to beef up security measures prior to the theft, is still reviewing Coincheck’s application for licensure, as it had been at the time of the heist. The agency will reportedly reach a decision on whether to approve the exchange after observing and reviewing its practices under new management. According to Japanese law, exchanges that have applied to the FSA may continue operating while their applications are being considered.

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether, Bitcoin, and Monero.

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Source: ETHNews