Leveraging the Strengths of Financial Giants to Implement Web3 in a One-Stop Solution | Monex Group, Inc.

Becoming a Hub for Web3 Solutions

Could you explain Monex Group's business and its initiatives related to Web3?

Atsushi Mandai (Mandai): Monex Group comprises businesses like Monex Securities and TradeStation, which are online brokerage services, as well as Coincheck, a cryptocurrency exchange, and 3iQ, a crypto asset management company.

Through these businesses, Monex Group naturally gathers significant information about Web3. Additionally, we have connections with companies interested in Web3 initiatives and those offering Web3-related solutions. Leveraging this position, we realized Monex Group could act as a hub to provide Web3 support services for corporate clients.

Could you share your roles within the Monex Group?

Mandai: I am the head of "Zero Room," a department within Monex Group established to create new businesses, not limited to the Web3 domain. Recently, we've focused on Web3 due to its potential to transform the financial industry, and we are dedicating significant resources to this area.

Hiroshi Asami (Asami): Within Zero Room, I oversee Web3-related new business initiatives. My responsibilities mainly cover two areas.

The first is the metaverse urban development project OASIS, which was transferred to Zero Room from Coincheck last year. Building a city requires both hardware (infrastructure) and software (communities and content). We’ve been constructing cities in multiple metaverses like The Sandbox, Decentraland, and Fortnite, while also operating Web3 communities as the "software" aspect.

The second area involves leveraging the know-how gained from OASIS to offer Web3 Support Services. We provide comprehensive support for companies launching Web3 projects, from planning to community management, down to specific tasks like configuring Discord servers.

What sparked your interest in Web3?

Mandai: Around 2016, there was frequent discussion within Monex Group about Satoshi Nakamoto’s Bitcoin white paper. I decided to buy some Bitcoin myself. My interest grew as I observed the rise of ICOs, platforms like VALU, and CryptoKitties. After Coincheck joined the group, I even started experimenting with writing smart contracts in Solidity, further deepening my engagement with Web3.

Asami: For me, it started around 2018. At the time, I worked at a startup where people were naturally drawn to new technologies. I often heard discussions about Bitcoin, such as "I bought some Bitcoin," or "Its price has gone up." While I wasn’t initially interested in crypto assets, I became intrigued as I learned more, thinking, "This could be an amazing technology." That curiosity led me to experiment with it, which became my entry point.

How did you become involved with the OASIS metaverse project?

Asami: At the time, Coincheck’s new business development team believed that diversifying revenue streams beyond exchange operations was essential. They anticipated significant growth in community-based businesses driven by token holders. This led to the launch of OASIS, a project combining the metaverse with NFTs to explore the potential of community businesses.

Since I had prior experience at a startup, I felt I could leverage my skills within Coincheck’s new business initiatives, leading to my involvement in OASIS.

Could you elaborate on your Web3 support services for businesses?

Asami: Within OASIS, we’ve hosted events like virtual concerts by renowned artist MIYAVI and events featuring Kiko Mizuhara. We also held the OASIS TOKYO × The Sandbox Creator Contest, integrating submitted creations into the metaverse city. This has allowed us to collaborate with numerous 3D creators and co-develop OASIS.

Additionally, community members have initiated weekly radio broadcasts, formed teams to participate in external contests, and built a vibrant community. Some members even transitioned into Web3-related careers through their involvement in the OASIS community, experiencing significant life changes.

The know-how we’ve gained from managing such communities is invaluable for other companies entering the Web3 space. We help businesses design and operate thriving communities, collaborate with the right partners, and develop strategies for NFT issuance and marketing. By sharing these insights, we aim to support successful Web3 projects for our corporate clients.

Creating New Business Opportunities

Can you elaborate on the reseller and agency business for Web3 solutions?

Atsushi Mandai (Mandai): While we have expertise and solutions in areas like metaverse and Web3 community management, we cannot provide comprehensive support for all Web3 needs on our own. Web3 trends evolve rapidly, and delivering the right solutions at the right time is essential.

Looking at the Web3 industry, both domestically and internationally, more companies are offering excellent Web3 solutions. Moving forward, I believe the focus will shift toward combining these solutions to design optimal user experiences.

To that end, we plan to partner with solution providers, package their offerings, and provide comprehensive support to companies interested in Web3 initiatives. Think of us as a "Web3 version of Otsuka Shokai," offering one-stop services from proposals to implementation.

Regarding Monex Group's Web3-related initiatives, how do you define and interpret Web3?

Mandai: At its core, Web3 revolves around blockchain, sometimes integrated with the metaverse. Blockchain is revolutionary for suppliers because it enables the issuance of universal tokens on a shared platform without relying on trust from governments or large corporations.

The essence of Web3 lies in leveraging tokens, NFTs, and other forms of broad tokens to create new business models, incentives, and unique worlds.

The crypto asset industry has many competitors. What do you see as Monex Group’s strengths?

Mandai: One key strength is having Coincheck, a cryptocurrency exchange, within our group. This naturally attracts global blockchain-related information and companies, providing us with a strong foundation to build upon.

Furthermore, simply replacing traditional web services with blockchain-based ones does not yield significant benefits. The real potential of Web3 lies in utilizing tokens and NFTs to create new businesses. Achieving this requires a combination of consumer-focused web service expertise and financial knowledge about token issuance and asset tokenization. As a company rooted in finance, Monex Group has a distinct advantage in this regard.

What are the primary challenges for Japanese companies adopting Web3 solutions?

Mandai: There are many detailed challenges, such as managing private keys, handling accounting processes, and covering the costs of NFT issuance. The complexities of Web3 also pose a significant barrier. While Web3 experts are advancing rapidly, mainstream companies are often left behind.

To address this, we need to offer simple solutions, such as "This service makes it easy to issue NFTs," while accompanying businesses throughout the process.

What are your future plans?

Mandai: Our immediate goal is to expand our network of partner companies for the reseller and agency business, both domestically and internationally, and broaden the range of Web3 solutions we can offer. Instead of building everything from scratch, we aim to combine existing solutions to create relatively affordable Web3 implementations. By accumulating case studies and proven examples, we hope to encourage more businesses to engage with Web3 and deliver innovative experiences to end-users.

Hiroshi Asami (Asami): Our Web3 community, OASIS, which we’ve cultivated over time, will also become a solution we can offer to corporate clients interested in Web3. For instance, we’re considering a service where companies can rent land within the metaverse cities we’ve developed. Building a metaverse from scratch can be costly, but renting a portion of our existing virtual cities could allow businesses to start leveraging the metaverse for as little as a few tens of thousands of yen per month.

By offering affordable plans like this, we aim to gather many businesses and services in metaverse cities like OASIS TOKYO, creating vibrant, densely populated virtual spaces. This approach could even address one of the metaverse's biggest challenges—low user engagement.

MONEX GROUP

Founded in 1999 as a joint venture between Oki Matsumoto and Sony Corporation, Monex Group is a financial holding company offering a wide range of financial services, including online securities and cryptocurrency trading. In January 2024, it announced a strategic partnership with NTT Docomo to develop new services aimed at making personal asset management more accessible. In November of the same year, Monex Group launched the new Monex Web3 brand, symbolizing its Web3 business portfolio and its commitment to promoting blockchain technology and crypto assets.

Profile

◉Atsushi Mandai

• CEO of Monex Crypto Bank
• Head of Zero Room, Monex Group

After graduating from the University of Tokyo's Faculty of Law, Bandai joined Monex Group in 2014. He initially worked on marketing for Japanese and U.S. equities before helping establish Zero Room, a department dedicated to launching new businesses within the group. Bandai is currently focused on corporate support and solution offerings in the Web3 field, contributing to the adoption of blockchain and cryptocurrency technologies.

◉Hiroshi Asami

• Manager, Zero Room, Monex Group
• Community Director of the OASIS Project

Azami started his career at Honda in 2010 as a mechanical engineer, later transitioning to business roles in the IT industry. He gained experience in B2B2C services at two startups focused on video advertising and CRM mobile apps, participating in pivots and witnessing acquisitions by LINE and STORES. Azami joined Coincheck in 2023 before transferring to Monex Group, where he now oversees the OASIS project and Web3 business development.