Monex Group Seeks to Develop its Own Blockchain Platform
Monex develops Blockchain Platform
Japan-based online brokerage firm, Monex group, is seeking to develop its own blockchain platform for the management of its operations in Japan.
The platform will be used by the firm’s offices in Japan for carrying out its day to day functions. Additionally, the firm hopes the platform will help it improve its financial transactions, cut on cost, and improve security. After launching the platform, the firm plans to offer its initial coin offering to the public. The brokerage firm recently acquired Coincheck cryptocurrency exchange platform.
Although the firm didn’t release any further details concerning the development of the blockchain platform, its primary focus is to improve its quality of services and revive Coincheck. Monex group also, for the first time, released details concerning Coincheck financial standing after the January hack that crippled its finances. According to its financial reports, the exchange platform lost 530 million NEM tokens through the hack. Investors lost over $530 million. To the investors, the exchange platform promised to pay back the cash at a rate of $0.81 per token. In total, the exchange platform will be able to pay $420 million dollars for the 530 million NEM tokens. Furthermore, the exchange platform also lost some money during last year’s financial cycle which ended in March 2018.
Monex current financial standings
Currently, the released report shows Coincheck ended the 2017 financial year with 57 million US dollars pre-tax profits. The profits were arrived at after deducting a loss of $432 million. Through the blockchain platform, Monex group aims to improve its opereations. The group envisages that the platform will help in running its businesses and cut on losses. Although the platform will be developed and implemented in the Japan offices, it will be rolled out to the Asia-Pacific and U.S branches.
The Jan 2018 hack on Coincheck crippled this exchange. It is what led to the exchange platform being bought out by Monex Group. However, with the development of the blockchain platform, the firm hopes to bounce back. It hopes the platfrom will enable it improve its services, strengthen its security and reduce loses. Although investigations are going on, no one has been arrested.