- Coincheck and Monex Group both confirm the acquisition of the cryptocurrency exchange.
- The company will be pumping in millions to revamp the exchange.
It is barely a week since Monex Group made an announcement that it was seeking to acquire the much troubled Coincheck crypto exchange. The Japanese based financial services firm and Coincheck have both confirmed the acquisition being official.
Coincheck was the victim of a hack attack that took place earlier this year where almost $530 million was lost in XEM cryptocurrency. Since then Coincheck has been struggling to keep customers who lost trust in the platform. Recently, due to customer demands, Coin check started reimbursing the funds lost in the XEM “hot” wallet. The reimbursement cost Coincheck over $430 million. The move is feared to have affected the financial stability of the cryptocurrency exchange.
The partnership with Monex group is a promising future for Coincheck. The two firms will work together to bring changes, especially in the executive management department. Similarly, after the process is completed Monex is expected to take over the total control of the market. The company will be pumping in millions to revamp the exchange. At the same time, the currently COO is expected to step down from the management. The COO of Monex Group, Toshihiko Katsuya will move in to fill the empty COO position at Coincheck. Japan-based Monex Group has good experience running online businesses and finances.
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