Japan-based Monex Group to Acquire Controlling Stake in 3iQ

• 3iQ intends to engage with Coincheck, according to 3iQ chair and CEO Frederick Pye.
• Under Fumio Kishida, Japan has seen a rise in blockchain and Web3 acceptance.

The Japanese asset manager, crypto exchange, and brokerage company Monex Group has declared its intention to acquire 3iQ Digital Holdings’ controlling share.

In a statement made on December 28th, Monex said that 3iQ’s background in listing early Bitcoin and Ethereum exchange-traded funds in North America was a factor in the purchase. The Canadian company started its Bitcoin fund in 2020, far before the SEC may approve a product like it in the US.

Strategic Growth

Moreover, with the launch of their revolutionary 3iQ Managed Account Platform (QMAP), 3iQ has introduced a revolutionary new product: the first ever full suite of crypto hedge fund managed accounts. By linking institutions with innovative digital asset alpha strategies, this ground-breaking platform is doing more than simply becoming the first of its kind.

Monex CEO Yuko Seimei stated:

“Our long term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future.”

As part of the transaction, 3iQ intends to engage with Coincheck, according to 3iQ chair and CEO Frederick Pye. In 2018, when Coincheck had one of the worst hacks in the history of the crypto sector, involving almost $534 million worth of NEM tokens, Monex bought out the exchange.

To help businesses avoid paying taxes on “unrealized gains” from cryptocurrency holdings, the Japanese government proposed a tax change in December. Under Prime Minister Fumio Kishida, Japan has seen a rise in blockchain and Web3 acceptance, reversing a trend where many crypto businesses had previously pulled out of the nation due to its regulatory climate.