Monex filing, after acquiring Coincheck mentions plans of future blockchain and ICO

Monex Group, one of Japan’s largest online brokerage firms, announced in its filing today that it has plans of introducing a new blockchain with an accompanying ICO.

This comes after Monex Group’s acquirement of ill-fated cryptocurrency exchange platform Coincheck. Monex acquired the platform for 3.6 billion yen, or approximately $33.5 million.

The filing in question states that:

“Japan segment will use blockchain technology for the aim of executing all trading of financial products and every financial transactions in safety and at low cost. Creating our own blockchain and ICO are in the scope.”

The filing also mentioned this idea under “Redefining finance for a new era”, which says “Design a new service using blockchain technology” as a part of ‘Global Vision 2 – Bloom, Blockchain Data management revolution’.

The ideas mentioned in the filing, along with acquiring Coincheck, marks a bold step of one of the world’s biggest financial institutions in the world of cryptocurrency. These views are reflected by company’s President Oki Matsumoto, who said in an interview with Nikkei Asian Review:

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“Someone needs to act as an interpreter between regulators and technical experts for the technology to advance. I want to play that role for virtual currencies.”

Coincheck recently underwent a hack which caused them a loss of 500 million NEM tokens, which were approximately worth $530 million at the time of the attack. When asked about the risks of taking over this company, Matsumoto said:

“What we need to be most careful of is avoiding another scandalous incident like the one in January. We need to ensure our security is tight. I realize there is a lot to be done.”

The filing also mentioned the financial details of Coincheck, with the forecast earnings for the financial year of 2018. It revealed that Coincheck made a whopping 53.2 billion Yen from April 2017 to January 2018.

The projected earnings predicted a 6.3 billion yen ($57 million) profit and an “extraordinary loss” of 47.3 billion yen ($4.32 billion).

Twitter user Shinkigen Nishiyama‏ said:

“I hope they will give free ICO to their subscribers.”

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