A major crypto exchange in Japan is going public in the US in a $1.25 billion merger agreement. Coincheck is regulated by the Financial Service Agency (FSA). It will be listed on Nasdaq under the “CNCK” symbol.
Japanese Crypto Exchange Coincheck to List on Nasdaq
Japanese cryptocurrency exchange Coincheck on Tuesday unveiled its plan to move to the US by merging with Thunder Bridge Capital Partners IV, a special purpose acquisition firm (SPAC), in a $1.25 billion deal, expected to close in September. second half of this year will be completed .
The combined entity will be called Coincheck Group NV. It is expected to be listed on the Nasdaq Global Select Market under the symbol ‘CNCK’. SPACs are publicly traded shell companies that conduct initial public offerings (IPOs) to raise funds for acquiring a private entity at a later date.
Coincheck, headquartered in Tokyo, operates one of the largest multi-cryptocurrency marketplaces and digital asset exchanges in Japan. The company is regulated by Japan’s highest financial regulator, the Financial Services Agency (FSA). The platform has approximately 1.5 million verified customers.
Coincheck was hacked in 2018 when about $530 million in the cryptocurrency NEM was 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, post-merger Monex will own pro forma approximately 82% of the combined company, excluding warrants and earn-outs. Monex currently owns 94.2% of Coincheck. In addition, existing Coincheck investors are eligible to receive up to 50 million shares based on future price performance.
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Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.
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