Updated December 29th, 2023 at 17:27 IST

Japan's Monex to buy majority stake in 3iQ for Rs 330 crore

The move is likely to boost its appeal to crypto-hungry institutional investors.

Reported by: Business Desk
Edited by: Tanmay Tiwary
"I am not proud of my country for allowing this crap — well, I call it crypto shit. It's worthless, it's crazy, it's not good, it'll do nothing but harm, it's antisocial to allow it." | Image:Unsplash
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Japan-based brokerage firm Monex Group is set to acquire a majority stake in Canada's 3iQ Digital Holdings for $39.8 million (Rs 330 crore) as per its announcement on Thursday.

The move is likely to boost its appeal to crypto-hungry institutional investors.

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The deal, in which TD Cowen advised Monex, underscores a resurgence in the popularity of crypto, which has gained ground recently after being battered by a string of industry meltdowns last year.

Cinaport Capital was the adviser to 3iQ.

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Notably, Japan is viewed as one of the most crypto-friendly nations in Asia, besides Hong Kong and Singapore. It has expressed support for Web3, a term closely associated with crypto that is used to refer to the decentralised version of the internet.

Stronger crypto regulations in the country have also provided a safety net for customers. Earlier this year, FTX Japan customers were the first to resume withdrawing their funds, while others elsewhere had their deposits locked up with the exchange after its bankruptcy.

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Monex said the acquisition will help boost its business for asset management. The company also operates an online brokerage and a crypto exchange in Japan.

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Published December 29th, 2023 at 08:30 IST