Japanese Cryptocurrency Exchange Coincheck to Go Public on Nasdaq in $1.25 Billion Deal – Exchanges Bitcoin News

One of the largest crypto exchanges in Japan will be going public in the United States in a merger worth $1.25 billion. The Financial Sevices Agency regulates Coincheck. It will be listed on Nasdaq under the symbol “CNCK.”

Japanese Crypto Exchange Coincheck Lists on Nasdaq

Coincheck, the Japanese cryptocurrency exchange, announced Tuesday that it will merge with Thunder Bridge Capital Partners IV (a special purpose acquisition firm) in an $1.25billion deal. This is due to close by the end of the year.

Coincheck Group NV, the combined entity, will be called. It is expected to be listed on the Nasdaq Global Select Market under the symbol “CNCK.” SPACs are publicly listed shell companies that carry out initial public offerings (IPOs) to raise funds for acquiring a private entity at a later date.

Coincheck is a Tokyo-based digital asset exchange and marketplace that offers multi-cryptocurrency trading. The company is regulated by Japan’s top financial regulator, the Financial Services Agency (FSA). There are approximately 1.5 Million verified users on the platform.

Coincheck suffered a hacking attack in 2018, when approximately $530 million worth of cryptocurrency NEM was stolen. Monex Group, an online Japanese brokerage company, later bought the exchange for $34 million.

Monex, which is not subject to warrants or earn-outs, will be pro-forma owners of 82% of the combined business under the SPAC agreement. Monex currently holds 94.2% in Coincheck. Based on future stock performance, current Coincheck investors may be eligible for up to 50,000,000 shares.

How do you feel about the Japanese crypto exchange becoming public in the U.S. Please comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.