Japan's cryptocurrency exchange Coincheck plans to go public on the Nasdaq Global Select Market through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, Reuters has learned.
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The deal is valued at $1.25 billion and the holding company will be called Coincheck Group N.V. The new company is expected to be available for trades under the ticker symbol CNCK. However, no timetable on the deal was revealed. Thunder Bridge IV President, Gary Simanson, noted that even though the blockchain market is still in early stages, the company believes "it is happening at a pace and to a degree that it is real, here and now."
"Thunder Bridge firmly believes that blockchain technology and digital assets will be a driving force in changing the financial services industry globally," Simanson added.
Once the deal closes, Simanson will become the head of Coincheck Group N.V. Coincheck's parent company, Monex Group Inc., which owns 94.2% of the exchange will retain all of its equity at closing. In February last year, Coincheck acquired 100% share of Metaps Alpha, a blockchain-focused NFT developer. With the acquisition, Coincheck got control over an on-chain NFT marketplace called miime.io, which was launched back in September 2019.
The exchange emphasizes the current expansion of the NFT marketplace "has exposed scalability problems" due to high transactional fees on the Ethereum blockchain.
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