Japan_s Largest Crypto Exchange Operator Monex Seals Deal with Telecoms Giant NTT Docomo

2023-10-06 08:20:02

Source: Getty ImagesJapanese mobile operator NTT Docomo said Wednesday that it formed a capital partnership with crypto exchange Monex to build new asset formation services for customers.

The capital and business alliance agreement would let both parties establish an intermediate holding company on January 4, 2024.

“It’s really exciting to join hands with NTT Docomo, a ‘giant’,” says Oki Matsumoto, Monex Group chairman during a press conference in Japan on October 4.

Per the Japan Times report, NTT Docomo will hold 49% share of the holding company for ¥48.5 billion ($326 million), in which Monex will become a consolidated subsidiary.

The mobile giant will have the right to nominate a majority of board members for the new intermediate holding company, the report added.

“Customers will be able to use the same services as before, but through this capital and business alliance, we will provide an even more advanced and wonderful experience,” the official release noted.

With the new capital business alliance, Monex is seeking to create next-generation asset building services and push to generate a social impact that will advance individuals’ asset building through investments in Japan.

Apart from the crypto asset business, Monex Group has an online securities business in Japan and the US as its core business and recently has expanded to include asset management and education business.

Yuko Seimei, Monex’s current president will continue to serve Monex after Jan. 4, the report added.

Monex’s Interest in FTX Japan

Months after FTX’s debacle in November 2022, Monex expressed interest in buying the FTX’s Japan arm, due to Japan’s liberal regulations.

Oki Matsumoto, CEO of Monex told Bloomberg early this year that less competition within the local market would invest a “very good thing” for Monex. “Generally speaking, we naturally are interested.”

Matsumoto also said that the crypto landscape in Japan has a lot of potential due to the nation’s liberal regulations. Monex also acquired Coincheck Inc, the exchange that hackers attacked in 2018.

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