Coincheck’s new owner is planning an ICO

The Monex Group, new owners of the troubled cryptocurrency exchange Coincheck, has plans for an ICO…

The cryptocurrency exchange Coincheck has had a bit of a year. At the start of 2018, it was at the centre of a huge digital heist, with over $500m of coins stolen. In the aftermath of that, it had to refund customers affected by the theft, and local authorities started clamping down on the practices and policies of exchanges in Japan.

Since then, Coincheck has been bought up by online brokers the Monex Group, with the transaction completed a few weeks back. Now, Monex has started announcing its forward plans, and it turns out that there’s an ICO on the horizon.

Monex’s latest financial filing was published yesterday, and in it, on page 38, it writes that “Japan segment will use block chain technology for the aim of execute all the trading of financial products and every financial transactions in safety and at low cost. Creating our own block chain and its ICO are in the scope”.

No further detail was provided in the document, that’s available to read online here.

Monex Group also recorded a pre-tax profit of just over $50m for the last financial year, one that factoried in an ‘extraordinary loss’ of 47.3 billion Yen (in itself worth over $400m). Whether that’s related to the liabilities as part of the Coincheck transaction hasn’t been confirmed.

When we hear more on the planned ICO, we’ll let you know…