Key takeaways
- Japanese Crypto Exchange Coincheck is now listed on the Nasdaq after merging with Thunder Bridge Capital Partners IV.
- Despite a major hack in 2018, Coincheck has grown to become one of the top 100 crypto exchanges in the world.
- Going public and exploring new technologies shows Coincheck’s plan to stay relevant in the crypto industry.
Coincheck Group N.V., the parent company of the popular Japanese Crypto Exchange Coincheck, has officially announced that it is now publicly listed on Nasdaq. Originally founded in 2012 under a different name, Coincheck is one of Japan’s first and most trusted cryptocurrency exchanges.
After a major hack in 2018 that resulted in the theft of $532 million in NEM coins, the company was acquired by Monex Group. Now, with its shares listed under the ticker “CNCK” and its warrants under “CNCKW,” Coincheck has reached a new milestone following a successful $1.3 billion deal with Thunder Bridge Capital Partners IV.
What Is Coincheck?
Coincheck is one of the biggest cryptocurrency exchanges in the world, known for its high traffic, liquidity, and reported trading volumes. It is the most popular exchange in Japan. While Bitcoin remains the most traded cryptocurrency on the platform, users can also buy and sell Ethereum (ETH) and other tokens. Coincheck’s professional platform, Coincheck Tradeview, allows users to trade cryptocurrencies in a way that is similar to fiat currency exchanges.
Founded in 2012 under its original parent company, Rejupress, Coincheck started by offering basic exchange services before adding payment and lending systems in 2016. The exchange gained popular attention in January 2018 when hackers stole $560 million worth of NEM coins from its digital wallets. The stolen coins were kept in digital wallets, named “Hot wallets, which were connected to the internet. The hack caused a drop in cryptocurrency prices, but Coincheck promised to reimburse affected customers. By April 2018, Monex Group acquired Coincheck, and in 2019, Coincheck was approved by the Japanese government to resume operating as a cryptocurrency exchange.
Coincheck’s Journey to Going Public
By 2022, Coincheck, which was established in 2012, had grown to be the biggest cryptocurrency exchange in Japan, with 1.5 million verified members. The exchange was ranked among the top 10 in the world, with a daily trading volume of $165 million. After the 2018 hack, Coincheck made a strong comeback, reimbursed its users, and continued to grow. The company has been actively working towards going public.
Coincheck initially targeted a Nasdaq listing in July 2023. However, due to adjustments in its merger deal, the listing was delayed, and the deadline was extended until May 2023. Finally, in November 2023, the U.S. The Securities and Exchange Commission approved Coincheck’s application for the listing.
A Milestone for Global Expansion by Japanese Crypto Exchange Coincheck Nasdaq Listing
Coincheck’s public debut on Nasdaq marks a key step in its global expansion. The company’s merger with Thunder Bridge Capital Partners IV, valued at $1.25 billion, was initially announced in March 2022. The Nasdaq listing brings together the Japanese Crypto Exchange Coincheck and the power of U.S. capital markets. This partnership is seen as an important link between Japan and the United States in the growing cryptocurrency and Web3 industries.
According to Oki Matsumoto, Coincheck’s executive chairman, the merger represents a fusion of Japanese business strength with the global reach of U.S. markets. Thunder Bridge IV’s president and CEO, Gary Simanson, expresses excitement about bringing together Japanese Crypto ExchangeCoinCheck’s leadership in crypto and Web3 with Thunder Bridge’s experience. Coincheck’s entry into Nasdaq further blurs the line between traditional financial markets and the emerging cryptocurrency industry, paving the way for more Japanese crypto firms to expand globally.
Conclusion
Like many companies in the crypto space, Coincheck’s future remains uncertain due to the volatile nature of the market. Cryptocurrencies, Non-Fungible Tokens (NFTs). And blockchain-based assets are still in their early stages, and their long-term value is unclear. However, Coincheck’s move to go public on a U.S. exchange and its efforts to engage in emerging technologies like the metaverse signal the company’s commitment to staying relevant in a rapidly evolving market.
With major tech companies like Microsoft, Meta, and Alphabet working on creating the next generation of the internet, known as the Metaverse, Coincheck’s decision to expand its services and product offering makes sense. By positioning itself to take advantage of new technologies, Coincheck aims to remain at the forefront of the evolving crypto and Web3 landscape.