Monex to Gift Bitcoin to Shareholders as Year-End Benefit

Japanese brokerage firm Monex Group has announced it will grant its shareholders a small amount of Bitcoin as a year-end benefit for the fiscal year 2019.

According to an announcement the firm published, 500 yen (around $4.5) worth of BTC , equal to 0.00077₿ at press time, will only be gifted to eligible shareholders who have accounts at the cryptocurrency exchange Coincheck, which was acquired by the Monex Group for $34 million in April 2018.

It will be distributed to shareholders who hold the company’s shares as of March 31. While the amount of BTC being distributed is rather small, it shows Monex’s commitment to the cryptocurrency industry. The firm has also moved to join the Facebook-led Libra Association.

The shareholder benefit had been announced back in September of last year.The cryptocurrency will be granted in addition to a traditional shareholder benefit for Monex Group shareholders: Monex Points. These points can also be exchanged for cryptocurrency at Coincheck.

Coincheck’s Recovery

The cryptocurrency exchange Monex bought for $34 million suffered what is believed to have been the biggest security breach in cryptocurrency history before being acquired, with over $500 million worth of NEM tokens being stolen from its wallets.

The exchange initially halted trading after the security breach, and has been recovering from it since.  In June 2019 it listed a little-known cryptocurrency in the West, Monacoin (MONA), which helped it surged 140% ,showing signs Coincheck’s influence is growing.

Earlier this year authorities in Japan arrested two men in Tokyo for allegedly buying cryptocurrency linked to the Coincheck hack. Both men, a doctor from Hokkaido and a company executive from Osaka, reportedly  knew the cryptocurrency was stolen, but acquired it anyway. Tokyo police believe the individuals have been exchanging their NEM for other tokens since February.

Featured image via Unsplash.