According to Nikkei’s reports, Monex Group has officially announced its acquisition of Coincheck. Coincheck’s current CEO Koichiro Wada and COO Yusuke Otsuka will be replaced by Monex Group’s Toshihiko Katsuya, as President of the house.
Damaged Japanese Cryptocurrency exchange Coincheck has finally accepted Monex’s billion investment offer. Coincheck had a massive theft in January this year when exchange lost $542 million worth of cryptocurrency to hackers. Coincheck was hung in middle after the infamous hack and has been criticised in the cryptocurrency market for not having proper security system to prevent the breach. Investors demanded compensation for the lost funds, leading to Coincheck’s reputation decline.
Coincheck apologized for their mistake and refunded its users at approximately 88.549 JPY for each coin. Exchange spent over $430 millions in reimbursement to investors. After adding necessary security measures, exchange resumed trading but it failed to achieve new market standards due to its bad frame in the market with pending lawsuits still in line.
Tokyo based online brokerage Monex Group offered the exchange to work together and bring changes in the executive and management team. After many days of speculation and discussion, the takeover was recently confirmed by both companies. As soon as the investment is finalized, the executive powers will be transferred to Monex.
Joseph Young, a cryptocurrency analyst says:
“If the market cap of a 100 billion yen Japanese online broker increases 23% overnight due to its plans to acquire major cryptocurrency exchange Coincheck, the strong demand towards the cryptocurrency market from investors in the public market is evident.”
With this acquisition over Coincheck which has a large customer base, Monex will have the advantage to compete in cryptocurrency industry with a huge head start. Monex COO Toshihiko Katsuya has been working with online finances at Monex, thus he is considered as the sound choice.
“Coincheck is still applying for a license from the FSA, following the regulator’s decision to require a license for all cryptocurrency exchanges under a revised fund settlement law that came into force in April last year. The FSA will decide whether Coincheck qualifies after reviewing its operations under Monex.”
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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern
Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.
BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.
Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:
.@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019.
— Binance DEX (@Binance_DEX) April 18, 2019
The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.
In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:
“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”
A Twitter user, @carlitosblvd123, commented:
“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”
@jigneshon, another Twitter user commented:
“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”
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