Coincheck Group Proceeding With its Nasdaq Listing in July 2023

• The growth strategy of Coincheck in the crypto asset segment is proceeding with listing procedures.
• Coincheck planned to go public on Nasdaq after proposing a business combination with Nasdaq-listed SPAC, Thunder Bridge Capital Partners IV, Inc. (THCP.)

The Japanese crypto exchange, Coincheck has expanded its business areas to include NFTs, Metaverse, and Web3, but it kept its fixed cost at low price and controlling the advertising amounts in response to the current market conditions.

While joining hands with THCP, the Coincheck Group aimed to grow its crypto asset business by gaining exposure to the global investors and accessing the U.S. capital markets.

It must be noted that this year in March announced its public-listing ambitions. And at present, the value of its merger with Thunder Bridge Capital was reported to be $1.25 Billion.

A document filed on October 28, 2022 with the U.S. Securities and Exchange Commision (SEC), the Coincheck’s majority owner, Monex Group, discussed it all.

Coincheck Business Update

Coincheck gave the information about its business update. At first it added to its leading position in Japan by steadily acquiring users despite the sluggish crypto asset market.

The exchange then mentioned that its NFT business revenue for the quarter was \160 Million due to headwinds in the NFT market.

Coincheck also intended to create and expand its digital economic sphere with an eye on Web3, as it collaborated with attractive creators and artists to create revenue opportunities like sales of proprietary NFTs, tenant fees for land in the metaverse, and growing the Coincheck NFT user base.

In addition with its Coincheck Labs, the blockchain and Web3 ecosystem, Coincheck supports startups that are related to crypto assets and NFTs that are leading the adoption of Web3.

The exchange additionally identified numerous large growth opportunities that can be pursued organically and accelerated via M&A or partnerships.

Moreover, as per its financial statements, the crypto exchange has 1.75 Million verified accounts, that represents 27% of Japan’s crypto trading market share. Still, the firm reported a loss in trading volume due to the crypto bear market phase. The total operating revenues dropped by roughly half quarter-on-quarter.

However, it can be seen as several crypto-oriented firms have expressed a desire to go public with the help of SPAC (Special purpose acquisition company) agreements. As in April, Bitcoin mining firm PrimeBlock announced it would go public via a $1.25 Billion SPAC. Then in August, Blockchain Cloud Infrastructure provider, W3BCloud brought out an identical price tag for its SPAC merger. And additionally, Stock and crypto exchange, eToro also planned for a $10 Billion merger just before terminating the agreement over the summer.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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