Japan’s Monex Group to Develop Native Blockchain, Plans for an ICO

Japanese online trading giant Monex Group has revealed that the firm is planning to develop a proprietary blockchain and considering the feasibility of a fundraising round via initial coin offering (ICO), reported CoinDesk.

The prospect of the company was revealed in a latest financial filling which was dated April 26. However, only the Japanese unit of the firm, which also has a presence in the United States and Asia-Pacific, will initiate the blockchain development process.

The fillings stated: “Japan segment will use blockchain technology with the aim of executing all the trading of financial products and every financial transaction in safety and at low cost. Creating our own blockchain and its ICO are in the scope.”

However, the documents did not reveal the details of the company’s plan to enter into the nascent sector.

Coincheck’s financials

In addition to its future prospects, Monex Group, which recently acquired the Japanese cryptocurrency exchange Coincheck, has disclosed the exchange’s financials for the first time after it endured a massive theft earlier this year.

The filings showed that Coincheck had reported 6.3 billion yen ($57 million) pre-tax profit for the fiscal year ending March 2018, after deducting a loss of 47.3 billion yen ($432 million).

The documents did not detail the reason of the loss, however, it is quite clear that the theft followed by the exchange’s compensation of 46 billion yen ($431.6 million) to its victimized customers have played their role.

Worthy acquisition?

Monex Group is the third largest brokerage firm in Japan and last week, it completed the acquisition process of Coincheck which involved 3.6 billion yen ($33.6 million). Despite the theft and loss, Coincheck is one of the largest crypto exchanges in Japan and will definitely boost the plans of its parent firm to enter into the new sector.