Monex Group, a Japan-based financial services corporation, has recently sealed a significant deal, acquiring a majority stake in the Canadian crypto asset manager, 3iQ. This strategic move, unveiled through a press release, marks a pivotal collaboration between the two entities, set to enhance digital asset offerings primarily targeted at institutional investors.
The partnership between Monex Group and 3iQ isn’t just a merger; it’s a bold step towards reshaping the landscape of the industry. Frederick T. Pye, chairman and CEO of 3iQ, expressed enthusiasm about the collaboration, labeling it a “win-win” situation. He emphasized its potential not only for growth but also for fundamentally altering the industry itself. Pye noted, “We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission.”
Yuko Seimei, CEO of Monex Group, echoed similar sentiments, highlighting the strategic importance of this alliance. Seimei stressed that this partnership would play a pivotal role in fostering widespread adoption of digital assets. “Our long-term strategy is to strengthen our asset management business. By welcoming 3iQ to our group, we aim to achieve high growth by catering to the increasing crypto asset management needs of institutional investors and crypto asset exchanges globally,” Seimei stated.
Notably, 3iQ has a track record of being a trailblazer in the North American market. It became the first company in the region to launch regulated exchange-listed funds for flagship cryptocurrencies like Bitcoin and Ethereum. Additionally, it introduced pioneering Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, and recently debuted the first-ever suite of crypto hedge fund managed accounts through their 3iQ Managed Account Platform.
Japan’s proactive stance toward cryptocurrencies is further highlighted by recent legislative steps. The country, known for its crypto-friendly atmosphere, continues to demonstrate support for Web3 technologies. In a recent move, Japan’s Cabinet proposed the elimination of corporate tax on unrealized gains from cryptocurrencies.
Moreover, the stringent crypto regulations in Japan serve as a safeguard for customers. Earlier this year, during the fallout of FTX Japan’s bankruptcy, customers in Japan were the first to successfully resume withdrawing their funds, underscoring the effectiveness of these regulations in protecting investors.
This collaboration is poised not only to deepen Monex Group’s foothold in the crypto asset management sphere but also to set a precedent for institutional-grade offerings and global expansion in the evolving digital asset landscape.
By joining forces with 3iQ, Monex Group anticipates a trajectory that aligns with their vision of pioneering innovative solutions in the ever-expanding world of digital assets. This partnership is a testament to the growing maturity and acceptance of cryptocurrencies in the broader financial ecosystem, solidifying the foundation for a more inclusive and regulated crypto landscape globally.
