Coincheck Exchange Buyer Monex Shares Launch of US Crypto Trading in Quarter One of 2019
Japanese financial services giant Monex Group has recently announced their intentions to launch US-based cryptocurrency services in less than 3 months. In order to achieve this, the company has filed for business registrations in each of the US states.
The announcement comes from a conference in Tokyo, where John Bartleman, the president of Monex’s U.S. subsidiary TradeStation Group, Inc affirmed the rumors. He even explained that his company is looking towards crypto investments in general. Earlier they had even helped cryptocurrency trading platform ErisX secure $27.5 Million in series B funding.
Initially, the coins available on the platform will be Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and “maybe” XRP. Bartleman noted that TradeStation is interested in investments regarding digital assets in general. He added, that the company is in the process for a money transmitter license in all US states, and estimated to receive them in between nine and twelve months.
TradeStation intends to purvey to institutional investors more when compared to other U.S. crypto exchanges. The exchange will communicate with brokers and traditional markets, interacting with multiple liquidity providers to achieve sufficient volumes for core customers. On this, Bartleman explained, “The mood has changed from this hysteria of all kinds of startups everywhere,” stating that solid crypto firms are becoming “mature” amidst the late 2018 market collapse.
Coincheck was once a flourishing exchange in Japan, however, their image has been tarnished since the hack in January. Hackers apparently stole $500 million worth of cryptos in January, which included 523 million XEM tokens. The company behind the tokens, NEM foundation, blamed the entire episode on the exchange’s carelessness in storing. It was the largest hack in the history of cryptocurrency, nearly shutting the group down. The exchange no longer serves tokens that operate with anonymity, instead choosing to accept only those which can be regulated. The move makes the system safer for users and the group.
Coincheck is still in operation, running with already heightened levels of security. Monex is simply relaunching the protocols for the company, to step up the exchange's capabilities even further in the United States. The investment group sticks to regulations with a very tight rein, as they have recently lost absurd half billion dollars in capital just last January. Monex has picked up several exchanges and brokerage firms in the last decade, starting with TradeStation Crypto in 2011.