Japanese exchange Coincheck set for Nasdaq listing through SPAC merger

Japanese exchange Coincheck is set to join Coinbase as one of the two publicly listed exchanges in the United States, according to a May 8 statement. The crypto trading platform expects to complete its listing on the Nasdaq via a partnership with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV (THCP) by the […]

The post Japanese exchange Coincheck set for Nasdaq listing through SPAC merger appeared first on CryptoSlate.

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Coincheck's Nasdaq Listing Gains Traction, Proposal Submitted to SEC

Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV are progressing with a merger deal that will enable the Japanese cryptocurrency exchange to list on Nasdaq. Coincheck has reportedly submitted a proposal regarding the agreement to the SEC, signifying a significant step for both companies and investors seeking exposure to the growing crypto industry.

Gateway to Nasdaq

Coincheck is a renowned digital asset exchange with a market share of over 1.98 million accounts, while Thunder Bridge Capital Partners IV is an SPAC that facilitates mergers and acquisitions within the financial sector. The proposed merger signifies Coincheck's ambition to expand its global footprint andgain access to the Nasdaq market. According to the press release, the combined entity, to be named Coincheck GroupN.V., is pending regulatory approvals and shareholders' consent.

Last year, Coincheck faced a hurdle after theparent company, Monex Group, announced a one-year delay in the cryptocurrencyexchange's public listing. The anticipated merger, originally scheduled forcompletion by July 2, 2023, was extended to July 2, 2024.

Monex Group confirmed the delay, citing the approvalof an amendment to the SPAC's certificate of incorporation at ashareholders' meeting held in June 2023. While the exact reasons behind the delay remainunclear, speculations emerged about potential setbacks in obtaining approval from the shareholders. This setback marked the second delay in Coincheck's journeytoward listing on Nasdaq.

Coincheck IPO Delayed

Monex announced its intentions to take Coincheckpublic in 2022, entering an agreement valued atapproximately $1.25 billion with Thunder Bridge. Originally expected to debuton the Nasdaq in the latter half of 2021, unforeseen circumstances havecontinuously pushed the listing further, now scheduled for this year.

Under the agreement, Thunder Bridge is set to inject $237 million in cash into the combined entity. Additionally, GarySimanson, Thunder Bridge's President and CEO, will reportedly assume the roleof CEO in the merged organization. Monex will retain a significant majoritystake of 82% in the new entity and maintain its commitment to Coincheck's growthtrajectory amidst the challenges of the listing delay.

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Crypto Biz: SEC targets Robinhood, Grayscales Ethereum ETFs, and more

This weeks Crypto Biz features Robinhoods Wells notice, Grayscales Ether ETF application, Coinchecks merger deal and Blocks billionaire debt offering.

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Coincheck's Nasdaq Listing Delayed by One Year

Japan's Monex Group has confirmed that the public listing of its cryptocurrency exchange, Coincheck, through a reverse merger with a blank check company has been delayed by one year. It was the second time the merger had been delayed.

Delay in Coincheck's Pubic Listing

The deal between Coincheck and its special purpose acquisition company (SPAC) partner, Thunder Bridge Capital Partners, was previously scheduled to be closed by July 2, 2023. However, now the deadline has been pushed to July 2, 2024.

"...a special meeting of stockholders of Thunder Bridge Capital Partners IV, Inc. ('THCP') was held on June 21, 2023, EDT, and a proposal to amend THCP's amended and restated certificate of incorporation to extend the date by which THCP must consummate a de-SPAC transaction from July 2, 2023, to July 2, 2024, was approved," the latest announcement by Monex Group stated.

"[As such] the deadline to complete the proposed business combination with THCP pursuant to the Business Combination Agreement, dated March 22, 2022 (as amended May 31, 2023), among Coincheck Group B.V. and certain of its affiliates and THCP, was extended for one year."

The Issue Is Unclear

The latest delay in the public listing of the Japanese crypto exchange at the US stock exchange did not come as a surprise. Multiple media reports pointed out the possibility of a deal delay, which was subject to shareholders' approval.

Monex announced its plans to take Coincheck pubic last year in March, Finance Magnates reported. Monex and its SPAC partner entered into a definitive agreement for the deal valued at around $1.25 billion. Though the crypto exchange was initially expected to list on Nasdaq in the second half of 2021, the deal has been delayed until July 2, 2023.

As per the terms of the deal, Thunder Bridge will provide $237 million in cash to the combined entity, and Thunder Bridge's President and CEO, Gary Simanson, will become the CEO of the merged entity. Monex, which currently holds 94.2 percent of Coincheck, will continue to hold the majority shares with around 82 percent of the new entity.

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Coincheck Labs Supports Web3 Development, Invests in UnUniFi Protocol

<p class="MsoNormal">Coincheck Labs, the accelerator and the venture capital arm of the <a href="https://www.financemagnates.com/tag/coincheck/" target="_blank">Coincheck </a>crypto exchange, has invested in UnUniFi Protocol, a Layer-1 blockchain and NFT Finance (NFTFI) service. The value of the financing was not disclosed.</p><p class="MsoNormal">According to the press release published by Coincheck Labs, UnUniFi Protocol enables users to borrow cryptocurrency assets using their non-fungible tokens (<a href="https://www.financemagnates.com/tag/nft/" target="_blank">NFTs</a>) as collateral. The platform utilizes an 'interchain yield aggregator' to automatically manage the crypto instruments. </p><p class="MsoNormal">UnUniFI is a Layer-1 <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_2" class="terms__main-term">blockchain</a> protocol running on the Cosmos blockchain platform and gathered over 20,000 participants in the beta phase. Support from the Coincheck Labs and eight 'major validators' will undoubtedly provide opportunities for further development.</p><p class="MsoNormal">Coincheck Labs is the latest addition to the Coincheck cryptocurrency exchange's offering, funded in January 2022. The venture capital arm aims to support <a href="https://www.financemagnates.com/tag/web3/" target="_blank">Web3 </a>startups. To date, it has invested in Stake Technologies developing Astar Network, and UnUniFi Protocol as its second investment.</p><p class="MsoNormal">"Coincheck Labs assists the blockchain and Web3 ecosystem in Japan [to] thrive by supporting entrepreneurs, startups, and their communities who are focused on developing crypto asset-native and NFT-native products. Covering any products from Layer-1, the underlying architecture of blockchain, to applications, Coincheck Labs offers three stages of support including incubation, research, and investment," the press release stated.</p><p class="MsoNormal">Additionally, the crypto exchange is developing the Coincheck NFT platform to support further Web3 development. The NFT platform is currently in beta testing.</p><p>Declining Profits and Delayed IPO</p><p class="MsoNormal">Coincheck is a part of Japan's financial services giant, Monex Group. The publicly listed company <a href="https://www.financemagnates.com/forex/japans-monex-posts-14-yoy-q2-revenue-decline-as-crypto-turns-loss/" target="_blank">reported </a>in late October its results for the second quarter of fiscal 2023. The report revealed the cryptocurrency exchange's loss for the period was 400 million yen due to a slowdown in trading activity and major cryptos price slump.</p><p class="MsoNormal">Earlier this year, Monex Group reported that Coincheck would become a <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-coincheck-to-go-public-with-a-125b-spac-deal/" target="_blank">separate public company</a> through a merger with the blank-check firm, Thunder Bridge Capital Partners IV. The two entities signed an agreement valued at $1.25 billion, and the finalization was expected to occur in the second half of 2022. With one month left until the year's end, the company is not releasing any new information about the SPAC <a href="https://www.financemagnates.com/terms/m/merger/" target="_blank" id="7631c19b-b9f3-43ee-a0cf-d4f8094270bc_2" class="terms__secondary-term">merger</a>. The prolonged 'cryptocurrency winter' is one of the culprits.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Japan’s Crypto Exchange Coincheck to List on NASDAQ Stock Market in July 2023

Coincheck wants to list its shares on the Nasdaq through a merger with a SPAC company. (Read More)

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Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse

Animoca Brands, the company advancing digital property rights for gaming and the metaverse, and its subsidiary The Sandbox, a leading decentralized virtual world, today announced the listing of SAND on Coincheck, the largest crypto trading exchange in Japan. Coincheck users can now access SAND on Coincheck in the markets of SAND/JPY and SAND/BTC. SAND is […]

The post Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse appeared first on CryptoNinjas.

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Japan’s Coincheck to List on Nasdaq via SPAC Merger with $1.25 Billion Valuation

Japan's Coincheck wants to become a publicly-traded company in the US. (Read More)

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Japanese crypto exchange Coincheck eyes Nasdaq listing after $1.25B SPAC deal

The majority shares of the new combined holding company called Coincheck Group, N.V would be owned by Coincheck’s parent company Monex Group Inc.

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Crypto Exchange Coincheck to Go Public with a $1.25B SPAC Deal

Japanese crypto exchange, Coincheck, which is owned by the Monex Group, announced on Tuesday that it will go public through a merger with the blank-check company, Thunder Bridge Capital Partners IV.

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The biggest crypto heists of all time

Crypto exchanges are hacked surprisingly often. A few of the biggest crypto heists that occurred in the past few years are discussed in this article.

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CEX Coinchecks Impressive 75% Revenue Growth in Q3 Fiscal Year

Japanese cryptocurrency exchange, Coincheck, has announced a significant increase in revenue during the third quarter of the year. The platform reported a remarkable 75% growth in revenue, showcasing its success and popularity within the market. Coincheck has experienced a surge in trading volume, attributed to the growing interest in cryptocurrencies and digital assets. This rise [...]

The post CEX Coincheck’s Impressive 75% Revenue Growth in Q3 Fiscal Year appeared first on Crypto Breaking News.

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Coincheck crypto exchange enters Nasdaq as second publicly traded US crypto exchange

Coincheck Group, the parent company of the Coincheck crypto exchange, begins trading on the Nasdaq stock exchange on Dec. 11. This milestone follows the completion of a merger with Thunder Bridge Capital, finalized earlier this month. Both companies announced on Dec. 10 that Thunder Bridge shareholders approved the merger during a special meeting on Dec. 5 […]

The post Coincheck crypto exchange enters Nasdaq as second publicly traded US crypto exchange appeared first on CryptoSlate.

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Japanese crypto exchange Coincheck to debut Nasdaq trading

Following a $1.3 billion merger, Coinchecks ordinary shares and warrants will start trading on the Nasdaq on Dec. 11.

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SEC approves Coincheck as first Japanese crypto exchange on Nasdaq

Coincheck is set to make history as the first Japanese crypto exchange to list on Nasdaq, following SEC approval.

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Binance Japan Announces Launch Details, Set to Become Top Domestic Exchange with 34 Cryptocurrencies

Binance Japan announced plans to launch in August with 34 cryptocurrencies, surpassing domestic rivals. The offering includes unique features but excludes leverage trading. (Read More)

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