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Crypto exchange Coincheck will list on Nasdaq in $1.25B SPAC merger

Updated: Aug 31, 2024
Published: Mar 22, 2022
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Coincheck, one of the largest cryptocurrency exchanges in Japan, has agreed to merge with Thunder Bridge Capital Partners IV, a Nasdaq-listed special purpose acquisition company (SPAC).

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Japan's Coincheck to list on Nasdaq

Thunder Bridge (THCP) announced on Tuesday that the transaction is valued at approximately $1.25 billion and will be completed in the second half of 2022, with the combined entity listing on the Nasdaq Global Select Market under the ticker "CNCK."

Monex a Group is a financial services company headquartered in Tokyo, Japan. It owns 94.2% of Coincheck and will retain all of its existing entities at closing, representing an approximate 82% stake in the new entity. The press release also revealed that Coincheck is currently seeking to establish an NFT marketplace to compete with foreign exchanges that already allow NFT trading on their platform.

What is Coincheck?

Coincheck, founded in 2014, is a Japanese Bitcoin wallet and exchange service based in Tokyo and regulated by Japan's Financial Services Agency. The crypto exchange suffered from a huge hack in January 2018 where $530 million worth of cryptocurrencies was stolen. Not long after, in April 2018, the crypto exchange was acquired by Monex Group for 3.6 billion yen ($33.4 million).

Following the Coincheck hack, the FSA ordered Coincheck to improve its management, security, and internal controls. It appears that the exchange has kept this promise, as it is now one of Japan's largest, with 1.5 million verified customers and a 24-hour trading volume of $130 million, according to CoinGecko

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