Japanese mobile operator NTT Docomo announced on Wednesday that it has established a capital partnership with crypto exchange Monex to develop new asset formation services for its customers. Under the capital and business alliance agreement, both parties will establish an intermediate holding company on January 4, 2024.
Exciting Partnership
“It’s really exciting to join hands with NTT Docomo, a ‘giant’,” says Oki Matsumoto, Monex Group chairman during a press conference in Japan on October 4.
According to a report by the Japan Times, NTT Docomo will hold a 49% share of the holding company for ¥48.5 billion ($326 million), making Monex a consolidated subsidiary. The report also states that the mobile giant will have the right to nominate a majority of board members for the new intermediate holding company.
Enhanced Customer Experience
“Customers will be able to use the same services as before, but through this capital and business alliance, we will provide an even more advanced and wonderful experience,” noted the official release.
Through this partnership, Monex aims to create next-generation asset building services and generate a social impact that advances individuals’ asset building through investments in Japan. Besides its crypto asset business, Monex Group operates an online securities business in Japan and the US, as well as expanding into asset management and education business.
Yuko Seimei, Monex’s current president, will continue to serve the company after Jan. 4.
Following FTX’s debacle in November 2022, Monex expressed interest in acquiring FTX’s Japan arm due to Japan’s liberal regulations. Monex CEO, Oki Matsumoto, believes that less competition within the local market would be “a very good thing” for the company. He also highlighted the potential of the crypto landscape in Japan, citing the nation’s liberal regulations.
In addition to this partnership, Monex previously acquired Coincheck Inc, an exchange that was hacked in 2018.
