Japan's Monex to buy majority stake in 3iQ to boost crypto unit (updated)
28/12/2023 21:59
(Adds deal details and background in paragraphs 2-4)
Dec 28 (Reuters) - Japan-based brokerage firm Monex
Group 8698.T said on Thursday it will acquire a majority stake
in Canada's 3iQ Digital Holdings to boost its appeal to
crypto-hungry institutional investors.
The deal underscores a resurgence in the popularity of
crypto, which has gained ground after being battered by a string
of industry meltdowns last year.
Monex said the acquisition will help boost its asset
management business. The company also operates an online
brokerage and a crypto exchange in Japan.
TD Cowen advised Monex on the deal, while Cinaport Capital
was the adviser to 3iQ.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak
Dasgupta)
((Niket.Nishant@thomsonreuters.com))