Monex Group, a company based in Japan that manages online trading, digital currencies, and investments, announced its intention on Thursday to buy a majority stake in the Canadian cryptocurrency company 3iQ Digital Holdings.
The CEO of Monex Group, Yuko Seimei, mentioned that their main goal is to enhance their investment management sector. By partnering with 3iQ, they hope to tap into the growing demand from big investors and global cryptocurrency platforms.
Despite experiencing significant withdrawals earlier this year, Monex remains optimistic about 3iQ’s innovative capabilities.
Monex praised 3iQ for introducing a pioneering crypto hedge fund managed account system, stating its intention to harness 3iQ’s expertise in crypto products to benefit its group of companies.
Frederick T. Pye, the head of 3iQ, announced a partnership with Coincheck, aiming to collaborate with its vast customer base of 1.8 million accounts.
While Japan is trailing behind Hong Kong and Singapore in establishing a local digital currency market, it has made progress in its crypto sector this year. Notably, Japan updated its Payment Services Act in June to include regulations for stablecoins.
Moreover, in November, Circle, which issues the USDC stablecoin, teamed up with the prominent securities and banking firm SBI Holdings to enhance its footprint in Japan.
Also Read: Japan Approves Tax Break on Corporate Crypto Holdings
