Japanese Exchange Coincheck Will Expand Operations To The USA

Oki Matsumoto, the CEO of Monex, a Japanese brokerage group, has stated today how he plans to expand operations of their cryptocurrency exchange Coincheck to the United States market, and how its company could benefit from that expansion. He also detailed some of the steps they would have to take to do this in an interview with Bloomberg.
Monex is an online Japan-based brokerage group that also lends alternative investment services to its customers. The group offers online brokerage services and had also been interested in entering the cryptocurrency business. Last month they acquired Coincheck, a Japanese exchange that was hacked last January and had losses of more than 500 million dollars for less than 40 million dollars.
Oki declared that Monex was keen in pushing its business to the USA and that they would do it sooner than later. On the interview, he also stated that they would have to study each state laws to comply with them and that they would have to be very careful with this endeavor. These declarations were surprising for some because Coincheck is still recovering from the hack and still has to regain customer trust.
Nonetheless, Yuji Nakamura, a Bloomberg tech analyst, thinks that although Coincheck should be focusing on rebuilding after the hacking incidents, it is a wise move to expand to the United States. The reason for this is that he believes that the regulatory framework in the USA will evolve, and institutional money through financial contracts like derivatives will flood the market. So Coincheck wants to be there to be a part of it from day one.
Yuji also thinks that another reason for their desire to expand is to gain a new important number of users in the USA that would let them return to profitability. Monex already has offices in the USA, with more than 600 employees for its online brokerage business, so bringing Coincheck’s operations would not be starting from zero.
Oki Matsumoto has made a bold move by entering the cryptocurrency exchange market, but it seems that the market has answered well. Monex valuation in the Japanese stock exchange has more than doubled since the purchase of Coincheck.

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