Japanese online brokerage firm Monex Group has revealed its blockchain and initial coin offering (ICO) plans in its financial results for fiscal year ending March 31, 2018.
Earlier this month, Monex Group acquired troubled cryptocurrency exchange Coincheck. The exchange had suffered a major security breach in January in which it had lost $530 million in NEM tokens.
According to the report, the brokerage giant is planning to go big on blockchain. It intends to build its own blockchain, design a new blockchain-based service, as well as use the technology to execute all trading of financial products.
“Japan segment will reduce costs and increase revenues with our worldclass financial expertise and the in-house backbone system, which enables to develop systems flexibly, quickly and inexpensively,” Monex Group said.
“Also Japan segment will use block chain technology for the aim of execute all the trading of financial products and every financial transactions in safety and at low cost. Creating our own block chain and its ICO are in the scope.”
