Major online financial institution, Monex Inc., revealed that its Monex Points can now be exchanged for cryptocurrencies. The press release, dated, Wednesday, April 24, 2019, indicated that this milestone was achieved by the partnership between Monex and its group company, Coincheck.
This phenomenon occurred just days after Monex acquired Coincheck. As previously reported by Bitcoin Exchange Guide [BEG], the acquisition was done in the hopes of, “improving securities arm in an effort to regain what they’ve lost to rivals.” Newly appointed President, Yuko Seimei has since admitted that Monex has, “fallen a little behind,” when it comes to market shares and argues that things need to be changed for the better.
What are Monex Points?
It was also shared that before the implementation of the points-to-crypto rule, the usefulness was minimum, as the points were only used for transaction fees.
Monex Points to Crypto Conversion
As for how many points traders need to accumulate, the press release notified that one Monex point is equivalent to one-yen worth of cryptocurrencies. It seems like 200 points is required, but it has not been clearly identified. In addition, those who are deemed eligible for this are typically traders who have:
“comprehensive securities trading accounts in Monex […] and Coincheck.”
It seems like the team is also doing giveaways, as anyone who newly registers will automatically receive 200 Monex points. This will only be offered between April 24, 2019 and July 31, 2019.
Finally, the press release noted that on Wednesday, April 24, 2019, Monex will also be holding an online seminar at 19:00, as a learning platform for those wanting more insight on the current stance of the crypto sphere as well as its market. This is something that’s being offered to anyone and everyone.