Monex Group, a prominent Japanese financial services giant, has announced its latest foray into the world of digital currencies with the acquisition of a majority stake in Canada’s 3iQ Digital Holdings, a renowned crypto asset management company.
While specific details of the acquisition were not disclosed in the announcement made on Thursday, the move marks Monex Group’s strategic commitment to fortify its asset management business and tap into the burgeoning crypto asset management sector for institutional investors and global crypto exchanges.
Yuko Seimei, the CEO of Monex Group, articulated the firm’s long-term vision, stating, “Our long-term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future.”
Monex Group already holds a prominent position in the Japanese cryptocurrency landscape, owning the well-known crypto exchange Coincheck.
The acquisition of Coincheck followed a substantial cyber attack that saw the theft of $534 million in cryptocurrencies.
Post-acquisition, Coincheck successfully regained its market dominance, becoming one of the prized assets within the Monex Group portfolio.
With the acquisition of 3iQ, Monex Group is set to expand its reach into the North American crypto industry.
Worth noting is Monex Group’s existing ownership and operation of TradeStation, a brokerage firm based in the United States.
3iQ, which operates under a Canadian license, is recognized for introducing two exchange-listed funds for Bitcoin and Ethereum in Canada.
The company also made a significant move by launching Bitcoin and Ethereum exchange-traded funds (ETFs) on the Toronto Stock Exchange, marking a milestone while companies in the neighboring United States are still awaiting regulatory approval.
Frederick Pye, Chairman and CEO of 3iQ, expressed enthusiasm about the partnership with Monex Group, stating, “We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission.”
Pye also highlighted the potential synergy between 3iQ and Coincheck, envisioning a collaborative effort to enhance Coincheck’s offerings, particularly for institutional investors.
He described the partnership as a “joyous, groundbreaking collaboration that promises to reshape our industry.”
Monex Group’s acquisition of 3iQ not only underscores its commitment to the digital asset space but also signifies its expanding presence and influence in the international crypto market, with a focus on catering to institutional investors’ evolving needs.