Tokyo-based Monex Group Set To Acquire FTX Japan
Following the implosion of the FTX crypto exchange, the digital asset space went into a spin accompanied by widespread panic. With the collapse of the once-prominent FTX, the industry continued to feel the brunt of the fallout.
FTX Assets Ready for Auction
As one of the largest crypto exchanges before its fall, FTX boasted millions of users with several crypto products and services in the market. The now-collapsed exchange also had several subsidiary companies in different jurisdictions, which, unfortunately, are struggling to stay in business following its spectacular crash.
After filing for bankruptcy, court proceedings against the firm and its founder, Sam Bankman-Fried, are ongoing. The lawsuit aims to find solutions to the firm’s massive debt.
Accordingly, the bankruptcy court recently approved the sale of some of FTX’s assets in other countries, including FTX Japan. Hence, a Japanese brokerage firm based in Tokyo, Monex Group, has indicated an interest in buying FTX Japan.
According to the firm’s CEO, Oki Matsumoto, in an interview with Bloomberg, Monex is interested in the distressed FTX Japan. The CEO further revealed that acquiring the Japanese arm of FTX would be a win for Monex Global as the local market is yet to be competitive.
Commenting on what Monex intends to do with the acquisition, the CEO stated that his firm could become the focus for other firms in Japan as they seek to transition into the world of digital assets. As a result, Matsumoto disclosed that the firm intends to take advantage of the low competition to position itself early in the market before the demand for crypto spikes.
The Monex CEO further noted that the Japanese crypto market has massive potential, which needs to be explored. He added that most firms are keen to dive into the crypto space by making investments.
Bankruptcy Judge Okays Assets Sales
In mid-December, the FTX legal representatives began applying for the court’s permission to sell some of the company’s assets. According to reports, the lawyers cited the risks of the value decline of the assets while driving their motive in court.
However, John Dorsey, the bankruptcy Judge, approved the sales of only four of FTX’s significant assets, as shown in the filings of the Delaware Bankruptcy Court. The assets for sale include two regional subsidiaries of FTX in Europe and Japan, FTX Europe and FTX Japan.
The two others are the stock-trading firm, Embed, and LedgerX, a derivatives platform. Meanwhile, the motion for the sales of the assets also includes dates of the auctions if the bidders are more than one.
For Embed, the auction date is February 21, 2023, followed by LedgerX, whose auction is slated for March 7, 2023. However, the auction date for FTX Europe and FTX Japan is scheduled for March 21, 2023. Per reports, Monex group is not the only interested buyer of FTX Japan, as court filing shows close to 117 interested entities.
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