Japan-based Monex Group is poised to acquire a majority stake in Canadian crypto asset manager 3iQ. In a press release published on Thursday, it was revealed that 3iQ will collaborate with Coincheck, a Japanese cryptocurrency exchange acquired by Monex Group in 2018. This collaboration aims to enhance digital asset offerings targeted at institutional investors.
The partnership is expected to result in improved liquidity for Coincheck’s 1.8 million customers already involved in the cryptocurrency industry. Frederick T. Pye, the chairman and CEO of 3iQ, described the collaboration as a “win-win” situation with the potential to “reshape the industry.”
“This collaboration isn’t just about expansion; it marks an exciting step towards realizing our vision,” remarked Frederick T. Pye. “Our commitment to introducing regulated, innovative digital asset products to global investors has always been strong, and now, with Monex Group, we can significantly advance this mission.”
Yuko Seimei, CEO of Monex Group, expressed similar sentiments, emphasizing that the partnership between the two entities would play a role in promoting the widespread adoption of digital assets.
“As part of our long-term strategy to bolster our asset management business, the inclusion of 3iQ in our group aims for substantial growth by meeting the growing crypto asset management needs of institutional investors and crypto asset exchanges globally,” Seimei stated.
3iQ had previously achieved the milestone of becoming the first company in North America to launch regulated exchange-listed funds for Bitcoin and Ethereum. The crypto asset manager was also among the pioneers in introducing Bitcoin and Ethereum ETFs on the Toronto Stock Exchange. Recently, they unveiled the first-ever suite of crypto hedge fund managed accounts through their 3iQ Managed Account Platform.
Japan, along with Hong Kong and Singapore, is widely acknowledged as one of the most crypto-friendly nations in Asia. Furthermore, the country has demonstrated support for Web3. This week, Japan’s Cabinet proposed eliminating corporate tax on unrealized gains from cryptocurrencies.
Additionally, Japan’s stringent crypto regulations serve as a safeguard for customers. This was evident earlier in the year when FTX Japan customers were the first to successfully resume withdrawing their funds, setting them apart from customers in other regions who faced fund lockups due to the exchange’s bankruptcy.
