Oki Matsumoto, CEO of financial services company Monex Group, has expressed interest in the Japanese division of troubled cryptocurrency exchange FTX, according to a recent report. When asked about his interest in FTX Japan, Matsumoto stated, “Generally speaking, we naturally are interested.”
The division is being put up for auction as part of the US bankruptcy proceedings and there are reportedly around 41 parties interested in the company, 25 of whom have signed nondisclosure agreements with the creditors.
Matsumoto sees potential in the Japanese crypto sector, believing that companies may begin investing in digital coins and using non-fungible tokens (NFTs) for advertising. He wants Monex to be well-positioned to seize these opportunities and become one of the “few alternatives” for Japanese consumers. To attract more cryptocurrency firms, Japanese officials announced last year that they would relax the listing requirements for virtual coins.
FTX Japan is a Japanese cryptocurrency exchange that offers services for both spot and futures trading. As of November 21, the division had approximately 17.8 billion yen ($139 million) in cash and deposits, and at the end of September, it had approximately 10 billion in net assets. Consumer withdrawals are expected to be enabled next month. However, it is still uncertain who will submit the highest bid for FTX Japan.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.