Japan’s Monex Group Plans to Develop Proprietary Blockchain And Hold ICObr>
Japanese financial services firm Monex Group is planning to develop a proprietary blockchain and conduct an initial coin offering (ICO).
In its latest financial filing dated April 26, Monex, which acquired hacked crypto exchange Coincheck earlier this month, said that its Japanese unit will initiate the blockchain development process. The firm intends to build its own blockchain, design a new blockchain-based service, and use the technology to execute all trading of financial products.
“Japan’s segment will reduce costs and increase revenues with our world-class financial expertise and the in-house backbone system, which enables us to develop systems flexibly, quickly, and inexpensively,” Monex stated in the filing. “Japan’s 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.”
While the filing did not reveal the details of the company’s blockchain plans, its primary focus is to improve its quality of services and revive Coincheck. The filings also showed Coincheck’s financial standing after it had experienced a major hack.
According to its financial reports, Coincheck had a $57 million pre-tax profit for the fiscal year ending March 2018, after deducting the “extraordinary loss” of $432 million which resulted from the refunds it provided to investors who lost assets in the January hack.