News By  Dmytro Litvinko
Normal 213 24 Jan 2023
Normal

Monex Group intends to buy FTX Japan

By  Dmytro Litvinko 213 24 Jan 2023
Photo - Monex Group intends to buy FTX Japan

Many big players continue to consider buying the assets of the collapsed exchange FTX, including its Japanese unit. Once the FTX assets were put on sale, they caught the interest of the Tokyo-based brokerage firm Monex.

The judge overseeing FTX's bankruptcy proceedings has given the crypto exchange permission to sell off some of its assets to repay its creditors. The assets include the derivatives platform LedgerX, the stock trading platform Embed and its regional arms, FTX Japan and FTX Europe.

FTX's Japanese division caught the eye of Tokyo-based brokerage company Monex Group. In an interview with Bloomberg, Monex CEO disclosed the real reason for the company's interest in FTX Japan. He said that they would like to reduce competition in the market, which has great potential. The company strives to become one of the leaders for local players when “bulls reign on the market”.

It is worth noting that Monex owns a majority of the Japanese bitcoin wallet and exchange service Coincheck, which may soon be listed on the U.S. stock exchange Nasdaq. 

More than 100 institutions have shown interest in acquiring certain assets of FTX, with 40 of them eyeing the Japanese unit in particular. It seems that institutional investors have not lost faith in the cryptocurrency market, but instead are taking every opportunity to buy promising assets at a low price.