Monex Group wants to catch up with cryptocurrency

Online brokerage in Japan is fiercely competitive. Monex Group , formerly the leader of the sector, is now in fifth place behind the giants Rakuten or SBI, and admits its delay, reason why it would have bought the crypto- coincheck purse to rise again at the top of the table .

Monex in fifth place

It's not easy to stay in the leading position of online brokerage when faced with ambitious and fierce companies like Rakuten.

In just a few years, Monex Group, the largest platform in the sector in Japan, lost its lead to fall back to fifth place with a market share estimated at 5.2%.

Competitive companies such as SBI, Rakuten and Matsui respectively have 36.3%, 18.7% and 10.3%, and leave no flaw to Monex to penetrate the triad of brokerage highs.

To overcome this competition, the group has turned to cryptocurrency, to give a lead to the platform.

Monex buys Coincheck

Cryptocurrency is a very open market and has allowed many startups to increase their turnover.

Although the price of cryptocurrencies has dropped dramatically since January 2018, investors continue to declare their enthusiasm for this financial technology.

In this perspective, Monex Group has acquired Coinchek, a Japanese crypto-exchange platform that manages cryptocurrency trading such as Bitcoin, Ethereum and fiduciary currencies, to attract new customers.

However, this entry into the digital currency sector does not guarantee access to the top ranks of the market as competing companies such as Rakuten also operate in this sector.

What do you think of Monex Group's strategy to return to the top of the ranking of online brokers in Japan? Comment in the comments section.