New Coincheck Owners to Launch Own Blockchain

Monex Group, the Japan-based online business firm that lately acquired the cryptocurrency trading platform Coincheck, has said it is looking into the advancement of its own blockchain platform, with an Initial Coin Offering (ICO) to follow soon.

The company that has branches in the U.S. and the Asia-Pacific region said its Japanese arm will lead the planned blockchain push.

Detailing its intent, Monex released a statement saying “Japan segment will use blockchain technology for the aim of executing all the trading of financial products and every financial transaction in safety and at low cost. Creating our own blockchain and its ICO are in the scope.”

While no further points of interest were given on the blockchain plans, the company offered details on Coincheck’s finances after it was hit by a well publicized hack that led to its selling to Monex.

Monex Group announced that a 6.3 billion yen ($57 million) pre-assess profits for the budget year ending March 2018; this after deducting an “exceptional loss of 47.3 billion yen ($432 million).”

Despite the fact that Monex did not get to the bottom of what prompted the misfortune, Coincheck has beforehand guaranteed it will refund financial specialists around $420 million for property lost in the January hack.

As announced by CoinDesk, Coincheck affirmed on Jan. 26 that around 530 million NEM token had been stolen from its platform, which at the time were worth around $530 million.

Not long after the episode, the platform declared it would remunerate each stolen token at a rate of $0.81 per token – totaling the payout close $420 million.