Monex Group, Japanese Online Brokerage Considers Adding Cryptocurrencies


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The newly released Mueller report claims Russia’s primary military intelligence service and its facilitators leased servers located within the US, as well as used bitcoin to hide Russian involvement in the 2016 presidential election.

Monex Group, Japanese Online Brokerage Considers Adding Cryptocurrencies

Monex Group Inc., an online brokerage company that purchased Coincheck after its hack in 2018, is making considerations to add cryptocurrencies as part of its offerings to retail investors. The latter will be used to help its securities arm to compete with rivals such as SBI Holdings Inc., Rakuten Inc., and Mastui, according to Bloomberg’s recent report.

Monex group Considers Offering Cryptocurrencies to Retail Investors

Per the report, Monex group’s brokerage unit is considering the addition of cryptocurrencies to its offerings to retail investors in a bid to meet the competitiveness of the market. It will be working alongside Coincheck, a cryptocurrency exchange it had purchased in April 2018 after $500 million worth of NEM tokens were stolen from it.

Furthermore, Yuko Seimei, the new president of Monex Securities Inc. who informed the media of the company’s plan, outlined that if they keep doing things the way they have, then it may not help them to close the gap. In comparison with its competitors such as SBI Holdings Inc., and Rakuten Inc., each of these companies have broadened their investments which has given them a good share in the market.

Retail Investors’ Wary Behavior Could Pose a Road Block

At the same time, there could be a roadblock to Monex group achieving its aim since retail investors have been more cautious in their investments due to the volatile nature of the market. Their wariness can also be attributed to the market’s falling rates after Bitcoin surged to its All-time high in 2017 before declining over 80 percent in price.

Japan, on the other hand, has been more receptive of cryptocurrency companies in comparison to other countries. Even in the face of hacks on exchanges such as that of Coincheck, it has still created an environment for companies in the industry to strive. Coincheck, for instance, was licensed by the country’s financial services agency (FSA) in January.

Rakuten Opens Registration for its New Cryptocurrency Wallet Service

Rakuten as Bloomberg pointed out, recently announced through its subsidiary, Rakuten Wallet Co., Ltd. that it has opened the registration for its customers who will like to take advantage of its new cryptocurrency wallet service. It further outlined that they can deposit & withdraw cryptocurrencies and also trade these assets upon the launch of the platform.

On the contrary, Money Forward Inc., an operator of personal budgeting apps in Japan recently announced that it has halted its plans to launch a cryptocurrency exchange. The company’s reason for its change on mind was tied to “The virtual currency market has cooled rapidly and the downside risk of profitability has been increased by continuing the business.”

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