Over $500 million was stolen from the crypto exchange platform, Coincheck, after hackers breached the network earlier this year. This sent shockwaves across the world, signaling what might have been the end of Bitcoin.
Fortunately, that wasn’t the case, despite the numerous other negative news about the crypto. Japan-based financial services firm Monex wants to buy the recently wrecked Coincheck.
It was reported that Monex offered 3.6 billion yen to purchase the entire stake in Coincheck. Reports also said that the company wanted to install a new management team in the company and put its operation under the supervision of Monex.
The financial firm is planning to rebuild the exchange platform and annex it as one of its brands. Sources said that the deal could be finalized this week as both parties are working closely with each other concerning the possible merger.
Coincheck has been actively seeking financial support from other companies and institutions so that they can continue their operation. Many hope that a takeover could bring order to the recently volatile cryptocurrency market. In fact, Monex investors appeared to like the news, with the company’s share price increasing by 23% after the announcement.
Coincheck wants to overhaul its operations before Monex takes over. The improvements include the introduction of new anti-money laundering policies to safeguard the assets of their clients.
Prior to the take-over bid, Coincheck could not implement their new regulatory process without the financial support offered by Monex. Rebuilding their operations on their own was just impossible. As of now, the two companies are waiting for the approval of the acquisition from the Financial Services Agency (FSA) and their respective shareholders.
If the acquisition turns out to be approved, then the founding president of Coincheck, Koichiro Wada, will step down. Monex, as the majority shareholder, will appoint new board members.
This isn’t the first time that Monex has showed their interest in the crypto market. In fact, the financial broker always wanted to enter the fast-growing market, but its plans were derailed due to the strict regulations that were implemented after the Coinecheck heist.
Once the acquisition pushes through, then there’s no doubt that Monex will become a leading name in the crypto exchange industry. The information system and client base of Coincheck will be further refined, and would then become safer, faster, and more convenient for everyone.