Online brokerage Monex Group Inc. announced Friday that it would acquire Coincheck Inc.— the troubled cryptocurrency exchange that was hit earlier this year by a massive cybertheft — in a bid to enter the growing virtual currency industry.
Tokyo-based Monex, the third-largest online brokerage in the nation, said it will purchase 100 percent of Coincheck's shares for ¥3.6 billion ($33.6 million) this month and make the startup its wholly owned subsidiary.
Coincheck's growth and existing 1.7 million-user base are sure to help Monex ease into the cryptocurrency business. But the online brokerage will also be inheriting risks, including a damaged brand and lawsuits filed by investors affected by the NEM coin theft.