Monex’s Coincheck Continues To Make Progress Despite Costly Exchange Hack With New Management
Japan-Based Crypto Exchanges Move To Integrate Corporate Governance Through Acquisitions
Japan-based crypto exchange, Coincheck, is among the firms within the crypto arena that are currently undergoing a managerial shift. The move is aimed at improving corporate governance within the cryptocurrency industry. Coincheck’s troubles began when it was hacked over 55 billion Yen thus calling for a new approach to its mode of business.
Recently, Koichiro Wada, who is the founder of Coincheck was accompanied by his replacement, Toshihiko Katsuya, to a press conference. It is evident that the former is preparing to hand over presidential duties to Katsuya as part of the plan to revamp the crypto exchange.
Coincheck Acquisition By Monex Group
This leading Japanese digital currency exchange has been leveraging resources from the Monex group after an acquisition in April 2018. The move was mainly influenced by the setback as a result of Coincheck’s hacking. Other players in the digital exchange business were also affected especially after the FSA Japan decision to deny approval for new coin exchanges while sanctioning some of the existing ones.
Katsuya, the new head at Coincheck, is however convinced that Coincheck’s outlook will improve with resources from the experienced Monex Group. The firm is well vast in money and capital markets have been in the business for two decades.
However, numbers from digital assets have not been impressive for Monex so far. The crypto market bears of 2018 contributed to a loss of 1.1 billion Yen for the company within a period of 8 months. Monex continues to handle cryptocurrency firms despite the challenges for a better Fin Tech ecosystem in the coming days.
Integrating Cryptocurrency With Corporate Values
The trend crypto company acquisitions by corporations have resulted in replacements of the current heads by more professional experts. A good example is Wada’s replacement by Katsuya.
Another company that has a similar experience is BitFlyer Holdings, the firm’s founder handed over his duties to an expert from the financial services sector. Yoshio Hirako now heads the company that was founded by Yuzo Kano.
Takao Asayama founder, Zaif, is among those that have ceased to lead the digital currency exchange following a change of hands to Fisco. The firm which operates in the financial industry took charge towards the end of 2018 after an attack on Takao that exposed 6.7 billion Yen.
Other big corporate players that have bought stakes in digital exchanges include Yahoo Japan and Rakuten. Pro-acquisition analysts are positive that such moves will enhance the security procedures hence bringing back investors.