By
Mayowa Adebajo
April 11th, 2024
Even as there is no solid evidence of bidding for FTX Japan, Monex is taking the position to expand its horizon and push to the top of the table.
As FTX battles with its bankruptcy proceedings, one of the four assets it put on sale, FTX Japan, has caught the interest of Tokyo-based financial services company Monex Group. Although it is established that Monex is interested in FTX Japan, there is no assurance of bidding for the bankrupt company.
Monex CEO Reveals Company’s Interest in FTX Japan
The matter was revealed by Monex CEO Oki Matsumoto, who said the company is “naturally interested.” In his response to questions about the crypto exchange, Matsumoto stated that it would be a “very good thing” for them if there were fewer crypto exchanges to compete within the local market.
In addition, he spoke about Monex being the top player of the few players available in the locality for interested individuals and organizations. According to the CEO, Matsumoto, the Japanese crypto industry has much potential. In his explanation, companies may consider crypto investment or opt for non-fungible tokens (NFTs) for their marketing campaigns. And with interest in FTX Japan, the vision is for Monex to be the go-to company when the time comes.
Even as there is no solid evidence of bidding for FTX Japan, Monex is taking the position to expand its horizon and push to the top of the table. The company has a major stake in the Japanese wallet and exchange service Coincheck. Per its expansion efforts, Monex planned to list the exchange service on Nasdaq. The listing interest came after the crypto company merged with Thunder Bridge Capital Partners IV via a special purpose acquisition company (SPAC).
Monex acquired Coincheck for $33.5 million after a data breach in 2018. Currently, the former owns 94.2% of the exchange. If Monex obtains FTX Japan, it will authenticate its pattern of going after distressed companies.
FTX Receives Approval to Sell Four Assets
Last week, the court gave FTX the green light to sell some of its assets, including FTX Japan which Monex is interested in. The four FTX assets approved for sale by judge John Dorsey are derivatives platform LedgerX, stock-clearing platform Embed, FTX Japan, and FTX Europe. FTX got the go-ahead to sell those assets in order to be able to repay its creditors. The approval opened the channel for interested buyers to contact the investment bank representing FTX and its assets Perella Weinberg. Before the court authorization, 117 parties had shown interest in purchasing the FTX assets for sale. A partner at Perella Weinberg wrote that “approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the Debtors in a potential purchase of one or more of the Businesses.”