Monex Group Inc. is considering adding crypto to its retail client offerings

Online brokerage Monex Group Inc., owner of the hacked Japanese crypto exchange Coincheck, is considering adding crypto to its retail client offerings in a bid to become more competitive in the local brokerage market. The news was reported by Bloomberg on April 15.

As previously reported, Monex acquired Coincheck in April 2018 in the wake of the exchange’s industry record breaking $532 million hack in January of that year.

According to Bloomberg, Monex now sees its Coincheck involvement as potentially instrumental in restoring its erstwhile market dominance.

Founded in 1999, Monex was reportedly once the country’s most popular online brokerage, but has since reportedly been eclipsed by rivals such as Rakuten, SBI Holdings and Mastui.

Monex’s brokerage unit is thus mulling the addition of digital currencies to its offerings for retail clients in collaboration with Coincheck. Monex Securities Inc.’s new president, Yuko Seimei, conceded that a new strategy is critical to reviving the firm:

“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap.”

Amid increasing competition in the brokerage market, Japanese investors’ enthusiasm for cryptocurrencies could help the organization reclaim clients, Bloomberg notes. The Japanese yen currently accounts for ~46.5% of national fiat currencies traded for bitcoin (BTC), according to crypto statistics site Coinhills.

Also read: Digital currency and transaction platform Algorand has released its public testnet to gather feedback on its product

Source: https://cointelegraph.com/news/coincheck-owner-mulls-addition-of-crypto-to-its-retail-offerings