By Richard Hines
Financial Giant Monex Group affiliated with Mike Novogratz’s Galaxy Digital, announces plans to acquire crypto exchange FTX Japan, a subsidiary of the FTX exchange.
Acquisition Of FTX Subsidiary In Japan
The acquisition, which is still subject to regulatory approval, would mark a major expansion for Monex in the crypto space and solidify its position as a leading player in the Japanese market.
FTX Japan, which launched in 2020, has quickly established itself as one of the top crypto exchanges in the country, thanks to its strong focus on security and compliance.
The exchange offers a wide range of trading pairs, including major cryptocurrencies like Bitcoin and Ethereum, as well as a variety of altcoins.
This acquisition would be a major step forward for Monex in the crypto space, as the company looks to expand its offerings and reach a wider customer base.
The acquisition would allow Monex to offer a full package of crypto services, including trading, custody, and lending.
Monex already has a crypto exchange in Japan, called Coincheck, but the acquisition of FTX Japan would give the company a larger market share and customer base in the country.
The acquisition also aligns with Monex’s strategic vision of becoming a leading digital asset financial group in Japan and Asia.
The company has been expanding its crypto-related business over the past few years, with the launch of Coincheck, a crypto exchange in Japan, and a $5 million investment in blockchain technology firm, Blockchain Global.
Galaxy Digital’s Reaction To This Acquisition
Mike Novogratz, CEO of Galaxy Digital, has also commented on the acquisition, stating that it is a great move for Monex and a validation of the growing institutional interest in the Japanese crypto market.
Novogratz also noted that the acquisition will help Monex to offer a wide range of institutional-grade products and services to a large and growing customer base.
The acquisition is expected to close in the coming months, pending regulatory approval.
With this acquisition, Monex will become one of the largest crypto exchange operators in Japan, solidifying its position as a leading player in the crypto space.
The crypto market is still a relatively new and rapidly changing space, and this acquisition is a clear indication that established financial institutions are taking notice and looking at an opening to get involved.
As more and more institutional investors enter the market, we can expect to see similar deals and consolidations in the crypto space in the future.