Monex Group Secures Majority Stake in Canada-based 3iQ

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December 29, 2023

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Japan-based Monex Group is set to acquire a majority stake in Canadian crypto asset manager 3iQ.

According to a press release published Thursday, 3iQ will collaborate with Coincheck, a Japanese cryptocurrency exchange acquired by Monex Group back in 2018, to bolster the digital asset offerings focused on institutional investors.

The collaboration will also result in improved liquidity for the 1.8 million customers of Coincheck who are already involved in the cryptocurrency industry.

Frederick T. Pye, chairman and CEO of 3iQ, said the collaboration was a “win-win” that also had the potential to “reshape the industry.”

“This partnership is not just about growth; it’s a thrilling leap towards realizing our dream,” Pye said. “We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission.”

Yuko Seimei, CEO of Monex Group, expressed similar sentiments, emphasizing that the partnership between the two entities would help facilitate the widespread adoption of digital assets.

“Our long-term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future,” Seimei said.

3iQ previously became North America’s first company to launch regulated exchange-listed funds for Bitcoin and Ethereum, the release noted. The crypto asset manager was also one of the first to introduce Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, and recently unveiled the first-ever suite of crypto hedge fund managed accounts through their 3iQ Managed Account Platform.

Alongside Hong Kong and Singapore, Japan is widely recognized as one of the most crypto-friendly nations in Asia. Moreover, the country has recently showcased its backing for Web3. Just this week, Japan’s Cabinet put forward a proposal to eliminate corporate tax on unrealized gains from cryptocurrencies.

In addition, the stringent crypto regulations in Japan act 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.