Monex Group, a Japanese financial services company, is reportedly interested in purchasing the crypto exchange FTX Japanese subsidiary that is currently for sale, as stated by the CEO of the Tokyo-based brokerage.
FTX’s Japanese unit is being sold off as part of the US bankruptcy process for the company. Forty-one potential buyers have shown interest, with 25 entering into confidential agreements with the debtors, according to a court filing.
During an interview, as per Bloomberg’s report, Oki Matsumoto, the CEO of Monex, expressed general interest in the Japanese subsidiary of Sam Bankman-Fried’s FTX crypto exchange.
Although Matsumoto did not confirm if Monex is actively bidding for the business, he stated that a drop in the number of competing crypto exchanges would benefit the company.
Matsumoto sees potential for Japan’s crypto market as companies may start to invest in digital coins and utilize non-fungible tokens for marketing. In anticipation of this, Monex aims to be one of the “few choices” for customers by positioning itself in the market, said Matsumoto.
117 Parties Express Interest In FTX Subsidiaries
A court filing by investment bank Perella Weinberg reveals that approximately 117 parties have expressed interest in purchasing one or more of the subsidiaries of FTX, a cryptocurrency exchange.
These subsidiaries include FTX Japan, FTX Europe, LedgerX, and Embed. Of the 117 interested parties, 59 have entered into confidentiality agreements with the debtors to access information for due diligence. However, no arrangements have been made as of yet.
As per the court filing, parties that meet the requirements of expressing interest, submitting satisfactory preliminary documents, and signing a confidentiality agreement will be given access to virtual data rooms made by PWP. The virtual data rooms include a management presentation and more information about the business operations, finances, and technology.
However, multiple parties have expressed interest in purchasing. In the Japanese subsidiary, 41 parties have shown interest, and 25 have entered into confidentiality agreements(PWP) with the debtors. Forty parties have expressed interest in the European subsidiary, and 23 have entered confidentiality agreements.
Additionally, 56 parties have expressed interest in the LedgerX subsidiary, with 32 entering confidentiality agreements. Finally, 50 parties have expressed interest in the Embed subsidiary, with 31 entering into confidentiality agreements.
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