Japanesch Cryptocurrency Exchange Coincheck fir ëffentlech op Nasdaq an $ 1.25 Milliarde Deal ze goen

A major crypto exchange in Japan is going public in the U.S. in a $1.25 billion merger deal. Coincheck is regulated by the Financial Sevices Agency (FSA). It will be listed on Nasdaq under the symbol “CNCK.”

Japanese Crypto Exchange Coincheck to List on Nasdaq

Japanese cryptocurrency exchange Coincheck revealed Tuesday its plan to go public in the U.S. by merging with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), in a $1.25 billion deal, which is expected to close in the second half of this year.

The combined entity will be named Coincheck Group NV. 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.

Tokyo-headquartered Coincheck operates one of the largest multi-cryptocurrency marketplaces and digital asset exchanges in Japan. The company is regulated by Japan’s top financial regulator, the Financial Services Agency (FSA). The platform has about 1.5 million verified customers.

Coincheck was hacked in 2018 when about $530 million in the cryptocurrency NEM were stolen from the platform. The exchange was acquired later that year for about $34 million by Monex Group, a major Japanese online brokerage.

Under the SPAC deal, Monex will have pro-forma ownership of about 82% of the combined company after the merger, excluding warrants and earn-outs. Monex currently owns 94.2% of Coincheck. Furthermore, existing Coincheck investors are eligible to receive up to 50 million shares based on future stock price performance.

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Kevin Helms

E Student vun der éisträichescher Economie, de Kevin huet Bitcoin am 2011 fonnt an ass zënterhier en Evangelist. Seng Interesse leien an der Bitcoin Sécherheet, Open-Source Systemer, Netzwierkungseffekter an der Kräizung tëscht Wirtschaft a Kryptografie.