The parent company of the prominent Japanese cryptocurrency exchange Coincheck, Coincheck Group, is due to make its public debut on the Nasdaq stock exchange on Dec. 11. The milestone comes on the heels of a $1.3 billion merger with a special purpose acquisition company called Thunder Bridge Capital.
Coincheck’s ordinary shares and warrants will be listed under the ticker symbols CNCK and CNCKW, respectively, under the merger that closed on Dec. 10. This is a big step forward for the Japan-based exchange, which is aiming to develop its presence in the cryptocurrency market worldwide.
Coincheck’s Nasdaq Listing Marks Global Expansion Milestone
The business combination with Thunder Bridge was first disclosed in March 2022 as part of a $1.25 billion de-SPAC transaction. Coincheck originally planned to go public on Nasdaq in July 2023, but the date was put off, and now a new date for adding the Shiba Inu cryptocurrency and the chain has been set. The deadline for the merger was extended to May 2023, and in early November, the United States Securities and Exchange Commission approved the Nasdaq listing application.
Coincheck was founded in 2012 and has become Japan’s largest cryptocurrency exchange today, boasting 1.5 million verified customers as of 2022. We counted it amongst the top 100 global crypto exchanges, and a daily trading volume of around $165 million. Coincheck bounced back from a high-profile January 2018 hack that cost it $534 million worth of NEM (XEM) tokens by reimbursing customers and restoring faith in its operating platform.
The resulting company’s Gross proceeds of approximately $31.6 million have been raised through the merger with Thunder Bridge Capital. The merger is guided by a partnership between Japanese and U.S. stakeholders, said Oki Matsumoto, executive chairman of Coincheck and chairman of Coincheck’s parent firm, Monex Group.
“Coincheck was fused from the combination of a sound business foundation in Japan with the power of the U.S. capital markets,” Matsumoto said. I had a lot of enthusiasm for the partnership,” said Thunder Bridge IV president and CEO Gary Simanson, “because I am looking forward to bringing one of the most preeminent global crypto and Web3 companies together with Oki and his team.”
Coincheck’s Nasdaq trade is still another indication of the kind of association between Japan and the United States advancing in the cryptocurrency space. This is meant to elevate Coincheck’s regional presence and make it an important figure in the emerging global Web3 and blockchain landscape.
It also marks the closing of a distance between traditional financial markets and cryptocurrency, as established players increasingly turn to SPAC deals to capitalize on public markets. Coincheck’s Nasdaq journey starts a new global expansion age for Japanese crypto firms.
This news is republished from another source. You can check the original article here
