Japan’s Monex Group to Develop Native Blockchain, Plans for an ICO
- The company recently acquired the crypto exchange Coincheck for $33.6 million.
Japanese online trading giant Monex Group has revealed that the firm is planning to develop a proprietary Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and considering the feasibility of a fundraising round via Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term), reported CoinDesk.
The prospect of the company was revealed in a latest financial filling which was dated April 26. However, only the Japanese unit of the firm, which also has a presence in the United States and Asia-Pacific, will initiate the blockchain development process.
The fillings stated: “Japan 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.”
However, the documents did not reveal the details of the company’s plan to enter into the nascent sector.
Coincheck's financials
In addition to its future prospects, Monex Group, which recently acquired the Japanese cryptocurrency exchange Coincheck, has disclosed the exchange’s financials for the first time after it endured a massive theft earlier this year.
The filings showed that Coincheck had reported 6.3 billion yen ($57 million) pre-tax profit for the fiscal year ending March 2018, after deducting a loss of 47.3 billion yen ($432 million).
The documents did not detail the reason of the loss, however, it is quite clear that the theft followed by the exchange’s compensation of 46 billion yen ($431.6 million) to its victimized customers have played their role.
Worthy acquisition?
Monex Group is the third largest brokerage firm in Japan and last week, it completed the acquisition process of Coincheck which involved 3.6 billion yen ($33.6 million). Despite the theft and loss, Coincheck is one of the largest crypto exchanges in Japan and will definitely boost the plans of its parent firm to enter into the new sector.
Japanese online trading giant Monex Group has revealed that the firm is planning to develop a proprietary Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and considering the feasibility of a fundraising round via Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term), reported CoinDesk.
The prospect of the company was revealed in a latest financial filling which was dated April 26. However, only the Japanese unit of the firm, which also has a presence in the United States and Asia-Pacific, will initiate the blockchain development process.
The fillings stated: “Japan 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.”
However, the documents did not reveal the details of the company’s plan to enter into the nascent sector.
Coincheck's financials
In addition to its future prospects, Monex Group, which recently acquired the Japanese cryptocurrency exchange Coincheck, has disclosed the exchange’s financials for the first time after it endured a massive theft earlier this year.
The filings showed that Coincheck had reported 6.3 billion yen ($57 million) pre-tax profit for the fiscal year ending March 2018, after deducting a loss of 47.3 billion yen ($432 million).
The documents did not detail the reason of the loss, however, it is quite clear that the theft followed by the exchange’s compensation of 46 billion yen ($431.6 million) to its victimized customers have played their role.
Worthy acquisition?
Monex Group is the third largest brokerage firm in Japan and last week, it completed the acquisition process of Coincheck which involved 3.6 billion yen ($33.6 million). Despite the theft and loss, Coincheck is one of the largest crypto exchanges in Japan and will definitely boost the plans of its parent firm to enter into the new sector.