Tokyo Brokerage Firm Monex Group To Buy Crypto Exchange FTX Japan

The implosion of the crypto exchange FTX sent shockwaves across the crypto space. Before its fall, FTX was certainly one of the highest exchanges on this planet. It had hundreds of thousands of users with several services and products related to digital assets. Also, FTX had some subsidiary firms in several countries which might be now struggling on account of the sudden crash of the parent company.

Following the bankruptcy filing of the exchange, court proceedings have been ongoing to resolve the challenges based on the corporate’s debts. Recently, the court handling the bankruptcy proceedings has approved the sales of a number of the FTX assets, including FTX Japan.

Monex Group, a Tokyo brokerage company, has declared its interest in FTX Japan.

Monex Declares Interest In Distressed FTX Japan

The CEO of Monex, Oki Matsumoto, disclosed the corporate’s interest during an interview with Bloomberg. The CEO stated that getting the FTX subsidiary firm can be great for Monex once the local market stays less competitive.

Further, Matsumoto revealed that his firm plans to be the middle from where other firms would depend for his or her exposure on this planet of digital assets. Hence, they’re taking the initiative to reposition themselves early before the demand starts.

Matsumoto identified several potentials inside the Japanese crypto market. He noted that some firms could seek to dive into the crypto space by testing crypto assets investments. Also, there are non-fungible tokens (NFTs) for firms to advertise their brands.

Crypto market surges on the day by day chart | Source: Crypto Total Market Cap on TradingView.com

Monex Group is a web-based securities brokerage company specializing in modern investment and trading services. Also, it offers financial and payment services and products to businesses. The group controls Coincheck, a distinguished Japanese Bitcoin wallet, and exchange service firm.

Last 12 months, the corporate declared its plan to list Coincheck on Nasdaq. Coincheck was pursuing its listing plan on the Nasdaq exchange within the second quarter of 2022. This was after its merger with a specific special purpose acquisition company (SPAC), Thunder Bridge Capital Partners IV, Inc.

During his interview, Matsumoto mentioned that the listing plan for Coincheck stays unchanged even with the brand new move for the acquisition of FTX Japan.

Judge Approved The Sales Of FTX Assets

On December 15, 2022, the FTX legal representatives began to apply for the court’s permission to sell a few of FTX’s assets. The lawyers cited some risks of value loss on the assets to facilitate the selling motion.

Finally, Judge John Dorsey approved the sales of 4 significant FTX assets as contained in Delaware Bankruptcy Court filings. These include the 2 regional subsidiaries of the firm, FTX Europe and FTX Japan, based in Europe and Japan, respectively. Others are the stock-trading platform Embed and the derivatives platform LedgerX.

The motion for the sales of the FTX assets also contained the auction dates for the assets in the event that they have multiple bidder. Embed is slated to be auctioned on February 21, 2023, while LedgerX is slated for March 7, 2023. The auction date for FTX Europe and FTX Japan is March 21, 2023.

Tokyo Brokerage Firm Monex Group Seeks To Buy FTX Crypto Exchange Japan Image: Pixabay

Besides Monex, other firms have indicated their interest in FTX assets. In response to the court filing on January 10, as much as 117 entities need to buy any of the assets.

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.