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Flailing Japanese Brokerage Giant Monex Courts Bitcoin for its Survival

Ben Brown
Japanese online brokerage Monex could soon offer bitcoin to retail investors to catch up with competitors. | Source: Shutterstock

By CCN.com: One of Japan’s largest online brokerages, Monex, may soon allow retail investors to buy bitcoin and other cryptocurrencies on its platform.

Monex claims the move into cryptocurrency will help claw back its diminishing market share.

Speaking to Bloomberg, Monex Securities president Yuko Seimei said:

“We’ve fallen a little behind — we can’t deny that… If we keep doing things the way we have, we may not be able to close the gap.”

Monex market share

Monex has fallen behind its rivals SBI and Rakuten in market share of online retail investors. Source: Bloomberg

Monex: Banking on Bitcoin?

Monex was once the leading online brokerage in Japan, but its market share has been eaten away by rivals SBI and Rakuten, both of which have embraced cryptocurrencies in a big way. 

Monex now commands just 5.1 percent of the Japanese digital brokerage market compared to SBI’s 36.3 percent and Rakuten’s 18.7 percent.

Read the full story on CCN.com.