- Monex Group is planning to buy FTX Japan amid bankruptcy.
- The Japanese crypto market is witnessing a potential growth at present.
- $139M of FTX Japan liquidity will be returned back to the customers.
Being a popular investment advisory firm, Monex is seeking interest to purchase the FTX Japan. Surprisingly, the firm is showing interest to buy FTX, during its bankruptcy proceedings. In addition, this Japanese FTX is one of the subsidiaries of FTX crypto exchange which is up for sale in the market.
As the CEO of Monex, analyzes the economic potential of the Japanese market, the firm is excited to buy FTX Japan. As a result, it will create an opportunity for companies who are seeking to invest their savings in crypto assets. In addition, it also supports firms to use their non-fungible tokens (NFTs) for branding and marketing campaigns.
Thus, the CEO of Monex,Oki Matsumoto, is aiming to place its firm as one of the favorable options for the local users. Following, Monex plans to buy FTX Japan after the approval of sale from the U.S court.
Monex is Excited to Purchase FTX Japan
As the FTX exchange is still under bankruptcy filing, the court approved FTX to sell its Japanese and European subsidiaries. In addition, its other businesses also put up on sale in-order to return back the funds to the creditors. Following, the Japanese market is more crypto-friendly where the adoption rate is surging.
Due to lenient crypto regulations in Japan, the CEO of Monex, speculates that other firms in Japan might choose cryptocurrencies as a mode of their investments. In addition, the strong shareholders of this financial giant are, The Vanguard Group, Nomura Asset Management,Invesco, Michael Novogratz’s Galaxy Digital and Oasis Management.
More so, in regards to this purchase, Oki Matsumoto says,
“Crypto exchanges competing against Coincheck are declining, it is always considered as a very good thing.”
As an important note, FTX Japan is holding around $139M liquidity. However, these funds will be returned to the customers and creditors by the end of this month.