Monex Group Inc. reportedly showed interest in acquiring FTX Japan on January 16th, 2023, according to Bloomberg. Following the FTX’s bankruptcy filing, one of its subsidiaries is for sale.
The CEO Of Monex Wants To Purchase FTX Japan
“Generally speaking, we are interested,” the CEO of Monex, Oki Matsumoto, stated in a conversation. He didn’t state that the business is submitting a bid for FTX Japan. But, he asserted that it would be helpful if the parties vied to get the FTX Japan affiliate backed off.
According to court documents, an auction is taking place as part of the bankruptcy procedure for the FTX Japan business. Currently, roughly 41 businesses have already indicated that they are interested in purchasing the subsidiary. 25 of the businesses consented to enter into a private agreement with debtors to settle the debt.
Status Of FTX Japan’s Finances
At the end of the third quarter of 2022, FTX Japan had cash and deposits totaling around $139 million and 17.8 billion yen. The subsidiary also stated that as of the end of September, it had net assets of around 10 billion yen. Beginning in February, the company plans to let clients whose money has been withheld withdraw it.
Environment Of The Bitcoin Market In Japan
Matsumoto thinks that the Japanese market has great potential, in part because more companies are starting to invest in digital currency. Monex is positioning itself to become one of the customer’s top options in the cryptocurrency exchange by utilizing non-fungible tokens for marketing.
Monex’s Efforts To Expand
Tokyo-listed Monex has been expanding and extending its lines of business. In 2018, it bought Coincheck Inc., a cryptocurrency exchange that had been hacked.
The goal of the acquisition was to broaden the company’s stock and foreign exchange service offerings. The Nasdaq Exchange listing of Coincheck is still something that Monex is looking forward to.
Monex purchased all the outstanding shares of ChatBook Co. Ltd. in July 2022, and acquiring FTX Japan will be consistent with their expansion plans.
One of the top Japanese online securities companies is Monex. In 1999, Nikko Beans and Monex Inc. merged to become it. Both businesses had before run their internet securities brokerage businesses.
The business wants to establish itself as a well-known global provider of financial services based on technology. The company wants to give its investors unlimited access to the capital markets and the best financial services by utilizing its knowledge of the capital markets.