TradeStation, the unit of Japan’s Monex Group, Inc. (MNXBF), is pushing further into the cryptocurrency trading market, with real-time spot data for digital coins coming soon to the platform. First spotted by CoinJournal, the website focused on cryptocurrency news, Monex Group said in a financial filingthat its unit in Japan is exploring the creation of its own blockchain platform and could launch an initial coin offering. As for the U.S. segment of its business where TradeStation operates, Japan’s third largest online brokerage said that it will offer real-time spot data for digital tokens, beefing up its current bitcoin futures offering.
Offering spot pricing to trading clients in the U.S. comes on the heels of Monex moving to acquire Coincheck, the cryptocurrency exchange that was a recent hacking target. Monex will put a new management team in place and rebuild the digital token exchange with its supervision. In January, Coincheck disclosed a hack of its exchange in which $530 million in digital tokens were stolen. Following that incident, the cryptocurrency exchange operator had been looking for an outside investor. The move also comes after Japan’s Financial Services Agency, cracking down on bitcoin exchanges, is requiring Coincheck to enhance its operations to better protect customers assets. The government agency also wants the cryptocurrency exchange to put into place anti-money laundering safeguards. Monex paid 3.6 billion yen, or $33.6 million, for the cryptocurrency exchange
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Any additional cryptocurrency abilities will be welcomed by TradeStation’s active traders, who have embraced digital tokens full heartedly. TradeStation was the first and one of just a handful of discount brokerages that are providing customers with access to bitcoin futures provided by CME and CBOE World Markets. In January, TradeStation announced that, if Intercontinental Exchange unit NYSE Arca receives approval to list the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF, the brokerage will offer these investments to its customers. In March, TradeStation teamed up with cryptocurrency exchange GDAX to provide real-time market data on the leading digital tokens. In a statement, the discount brokerage said at the time that it would provide customers with real-time market data for bitcoin, ethereum, bitcoin cash and litecoin, the four leading cryptocurrencies.
In a recent interview with Investopedia, John Bartleman, president of TradeStation, said that, while the frenzy surrounding cryptocurrency late last year has waned, the cryptocurrency market is still garnering a lot of interest from customers.