The FTX disaster disturbed the crypto world in November 2022 and its aftershocks kept on haunting the industry after that. In advance of the crypto exchange’s collapse, it was categorized among the prominent crypto platforms operating across the globe. The platform had been involved in running numerous services and products related to digital assets to facilitate millions of consumers.
Monex Group Announces Intention to Acquire Embattled FTX Japan
In addition to this, the crypto exchange had different sub-branches operating in different jurisdictions. Nonetheless, at the present, the respective branches are now in a miserable condition as their parent company collapsed dramatically in November 2022. After the submission of the bankruptcy filing by the crypto exchange, it is going through court proceedings to cope with the challenges related to the debts of the firm.
Recently, the court presiding over FTX’s bankruptcy proceedings has granted sales of a proportion of the firm’s assets. This takes into account its subsidiary in Japan. A Tokyo-based brokerage firm “Monex Group” has announced that it is interested in purchasing FTX Japan. Oki Matsumoto, the chief executive officer of Monex, revealed the firm’s interest while appearing in an interview conducted by Bloomberg.
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The CEO mentioned that acquiring the subsidiary of FTX would be a remarkable move to be made by Monex at a time when the native market is not posing as much competition. In addition to this, Matsumoto disclosed that the company has a strategy to turn into a prominent platform to offer the rest of the companies exposure to the digital asset class. That is why they are moving toward their respective endeavor.
As per Matsumoto, this move will reposition the platform in advance of the start of demand. The executive referred to many potentials existing in the crypto market of Japan. He pointed out that many companies could pursue becoming a part of the crypto world by testing the investments related to crypto assets. Apart from that, he added that don’t fungible tokens (NFTs) can be utilized by these firms to sponsor their platforms.
Monex Group is known as a securities brokerage firm that operates online. It focuses on the provision of exclusive trading and investment services. In addition to this, it provides payment and financial products to businesses. The respective group also administers Coincheck which is considered a famous exchange company and Bitcoin wallet operating in Japan.
In the previous year, the platform announced its strategy for Coincheck’s listing on Nasdaq. Coincheck pursued its listing strategy in 2022’s 2nd quarter. This came following its union with a special purpose acquisition company (SPAC) called Thunder Bridge Capital Partners IV, Inc. Matsumoto, during the interview, brought to the front that no change has taken place in the strategy for listing Coincheck even after the latest step to acquire the FTX subsidiary.
Judge Authorizes FTX Assets’ Sale
On the 15th of December in the previous year, the legal representatives of FTX began requesting permission from the court to trade some of the exchange’s assets. The lawyers highlighted that there were some risks associated with the loss in the assets’ value.
Eventually, John Dorsey (the judge presiding over the bankruptcy proceedings of FTX) authorized the sales of 4 prominent assets of FTX. Among them, a couple of regional sub-branches of the crypto exchange included FTX Japan and FTX Europe.