TradeStation Group, the US subsidiary of Japanese financial services giant Monex Group, said it plans to launch its cryptocurrency services later this year under the brand name TradeStation Crypto.
For the new offshoot, TradeStation leverages its brokerage industry expertise to address what it perceives to be “key concerns and certain weaknesses in the current cryptocurrency ecosystem,” it said.
Monex Group already has a diverse portfolio of brokerages worldwide though was rumored to be making a big splash in cryptocurrency markets. Earlier last year, Monex set up its own cryptocurrencies unit to study the opportunities in the sector.
After helping Coincheck remain in business, Monex has decided to venture into much more attractive markets through the cryptocurrency-focused subsidiary of its US brokerage arm.
There is currently no specified timeframe for the launch of the new platform, but Monex has previously filed a money service business registration with each state regulator. A money transmittal license (MTL) allows the venue to offer both crypto-to-crypto and fiat-to-crypto trading pairs.
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A Wake-Up Call for Other Brokerage Firms
Earlier in July, Monex revealed plans to gain a foothold in the US cryptocurrency market with a dedicated offering that caters mainly to institutional investors and build on top of over two million accounts it holds worldwide.
In April 2018, Monex Group completed its acquisition of cryptocurrency exchange Coincheck, which was the target of a $534 million hack in January of the same year, nearly forcing it to shut down activities.
Meanwhile, TradeStation has recently invested in the soon-to-be-launched cryptocurrency exchange ErisX which raised over $25 million from investors including Fidelity Investments and Nasdaq Ventures.
The move also comes just as the US Securities and Exchange Commission is seeking legitimate platforms serving as trading venues for digital assets.
Commenting on the news, John Bartleman, President of TradeStation Group, said: “We believe investors and traders are seeking ways to access and trade cryptocurrency products similar to the way they trade traditional capital markets – and through a trusted and familiar brand and company. Our focus will be to provide the tools and services that serious traders require to trade across multiple asset classes, including crypto.”