Japanese online brokerage Monex Group considers adding cryptocurrencies

Japan’s oldest online brokerage Monex Group Inc. is hoping to get more clients by adding cryptocurrencies to its products, Bloomberg writes. The company purchased cryptocurrency exchange Coincheck in 2018, following a hack that lost the exchange $500 million. In January, Coincheck obtained an exchange license from the Financial Services Agency.

According to Yuko Seimei, Monex Securities Inc.’s new president, the company needs to introduce changes fast as it has “fallen a little bit behind.” Seimei said, “If we keep doing things the way we have, we may not be able to close the gap,” referring to brokerage’s competitors, such as SBI Holdings or Rakuten. Bloomberg writes Japan’s largest securities company Nomura Holdings Inc. is also planning to launch an online brokerage.

Monex sees cryptocurrencies as a chance. Despite volatility, Japan is still one of the most active cryptocurrency trading markets.