Come next quarter and the US would benefit from a new crypto exchange. The nation which is already a trendsetter in crypto space has further impressed its citizens who deal with digital coins.
Monex Group, a major Japanese financial services company and the parent company of cryptocurrency exchange Coincheck, has presented its plan to launch a crypto exchange in the US shortly.
Tokyo Stock Exchange listed Monex Group held a business strategy briefing session to highlight US expansion plan through its US sister concern TradeStation. Monex held a conference in Tokyo, where John Bartleman, president of TradeStation Group, Inc., took part.
John Bartleman was quoted as saying,
“For cryptocurrency business, we have been preparing the virtual currency service in the U.S. for the past several months. We believe it can start in the first quarter of 2019.”
The new US exchange will list the top five cryptocurrencies but the actual list has yet to be finalized. In addition, the company is in the process of acquiring money transmitter licenses in all US states.
Monex CEO Oki Matsumoto said that Tradestation “plans to offer virtual currency transactions … in the first quarter of 2019.
The platform is going to interact with brokers and traditional markets, connecting multiple liquidity providers to attain volumes sufficient for core customers. “The mood has changed from this hysteria of all kinds of startups everywhere,” John Bartleman further explained, stating that solid crypto firms are getting resilient despite the late 2018 bear conditions.
Monex Group also has expansion plans for Japan. The group acquired Coincheck, one of Japan’s largest crypto exchanges, after it was hacked earlier this year. Matsumoto also provided an update on Coincheck’s situation to register as a cryptocurrency operator with Japan’s Financial Services Agency (FSA).
“We have been consulting with the Financial Services Agency [about registration]”, Mr.Matsumoto said, stressing that Coincheck resumed its exchange business last month. Coincheck is titled as a deemed dealer which means it has been allowed by the FSA to operate the crypto exchange while its application is still being reviewed.
Monex elaborated that since the acquisition of Coincheck, many improvements have been made to the platform, including a change in the senior management and eliminating anonymous cryptocurrencies.
It is my personal say that such ventures are on the right path. They would not doubt attract more users who can leverage blockchain.
What I am apprehensive about is that many such deals are overwhelming the people. They are not sure which offer to opt for. We are in a turning point where things have to settle down.