Coincheck, a company headquartered in Tokyo, is expected to become the first cryptocurrency exchange in Japan to list its shares on a US stock exchange.
The US Securities and Exchange Commission (SEC) has approved Coincheck’s listing on the Nasdaq, which is a significant step in bridging the gap between the Japanese and American cryptocurrency markets.
Through a strategic merger with Thunder Bridge Capital Partners IV, a special-purpose acquisition company, or SPAC, the exchange will debut on December 11 under the symbol CNCK.
Strategic Merger With Thunder Bridge Capital
Coincheck gains significant support in entering the highly competitive crypto arena through its merger with Thunder Bridge Capital Partners IV (TBCP).
In exchange, the combined Coincheck and TBCP will have $237 million in trust with Thunder Bridge to help commit to other revenue-enhancing opportunities.
Source: Monex Group
Gary A. Simanson is set to run the combined entity of Thunder Bridge but Monex Group will hold its 82% majority interest to maintain ownership of Coincheck by Japanese shareholders.
In this regard, the TBCP deal with Coincheck also reflects a growing attraction for SPAC mergers that digital finance companies are now pursuing to access the public markets.
The US SEC has approved the application of Japanese cryptocurrency exchange Coincheck to be listed on Nasdaq. It is expected to be listed on December 10 with the stock code CNCK and will become the first Japanese cryptocurrency exchange to be listed in the United States.…
— Wu Blockchain (@WuBlockchain) November 14, 2024
The merger can, to all intents and purposes, be called an innovation of the age-old financial structures by Coincheck to reach the market
Go to Source to See Full Article
Author: Christian Encila
