Japan-based Monex Group Acquires Majority Stake in Canadian Crypto Asset Manager 3iQ 💼

3iQ to Team Up with Coincheck, Monex's Japanese Cryptocurrency Exchange Acquisition from 2018, to Enhance Digital Asset Options

Monex Group has obtained a majority share in 3iQ, a company based in Canada.

Last updated: December 29, 2023 03:06 EST • 1 min read

Japan-based Monex Group has recently announced its acquisition of a majority stake in Canadian crypto asset manager 3iQ. This exciting collaboration aims to enhance digital asset offerings for institutional investors, with the involvement of Coincheck, a Japanese cryptocurrency exchange owned by Monex Group. The partnership not only promises growth and improved liquidity for Coincheck’s 1.8 million customers but also has the potential to reshape the wider industry.

Frederick T. Pye, chairman and CEO of 3iQ, believes that this collaboration is a “win-win” situation that will push the boundaries of what the industry can achieve. Pye stated, “We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission.”

Yuko Seimei, CEO of Monex Group, shares Pye’s enthusiasm and emphasizes the importance of widespread adoption of digital assets. Seimei believes that by welcoming 3iQ into their group, Monex Group aims to capture the growing demand for crypto asset management from institutional investors and exchanges globally.

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This partnership marks another milestone for 3iQ, as they previously became the first company in North America to launch regulated exchange-listed funds for Bitcoin and Ethereum. They were also pioneers in introducing Bitcoin and Ethereum ETFs on the Toronto Stock Exchange and recently unveiled the first-ever suite of crypto hedge fund managed accounts through their 3iQ Managed Account Platform.

Q&A:

Q: What benefits does this collaboration bring to institutional investors? A: This collaboration will enhance digital asset offerings, providing institutional investors with more opportunities to diversify their portfolios and tap into the crypto market’s potential.

Q: How will this partnership benefit Coincheck’s customers? A: Coincheck’s 1.8 million customers will enjoy improved liquidity and access to a wider range of digital asset offerings, strengthening their position in the cryptocurrency industry.

Q: What makes this collaboration a “win-win” situation? A: The collaboration allows both parties to leverage their strengths and expertise to drive growth and innovation in the industry, benefiting investors and facilitating the widespread adoption of digital assets.

Japan is recognized as one of the most crypto-friendly nations in Asia, alongside Hong Kong and Singapore. The country has also showcased its support for Web3 technologies. In fact, Japan’s Cabinet recently proposed eliminating corporate tax on unrealized gains from cryptocurrencies, further solidifying their commitment to fostering innovation in the crypto space.

Additionally, Japan’s stringent crypto regulations serve as a safeguard for customers. Earlier this year, when FTX Japan faced bankruptcy, its customers were the first to successfully resume withdrawing their funds, highlighting the effectiveness of the regulatory framework in protecting users’ assets.

In conclusion, the acquisition of the majority stake in 3iQ by Monex Group is a significant development in the crypto asset management landscape. This partnership sets the stage for exciting opportunities to cater to the evolving needs of institutional investors and contribute to the wider adoption of digital assets.

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References:

1. Press Release: 3iQ and Coincheck Announce Collaboration
2. Digital Assets: Predictions for Bitcoin in 2024

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