Monex Group, owner of Japan-based exchange Coincheck announced its plans to develop a blockchain platform. It also mentioned an Initial Coin Offering to fund its development.
In a financial filing, Monex confirms the blockchain and ICO plans. The aim is to use the technology to execute trading of financial products. Monex said that the blockchain will make every transaction safe and cheap.
Monex also disclosed a $57 million profit before taxes for Coincheck. This number already deducted the $432 million loss from the hacking that happened in January 2018.
Coincheck confirmed a hacking that allowed a user to illegally transfer 530 million NEM (XEM) coins to their wallet. The exchange, however, said it is refunding all users $0.81 per NEM coins. This number is almost double the current amount of NEM in the global market.
Monex, through its various subsidiaries, provides investment services through the Internet. The company is listed on the Tokyo Stock Exchange.