Coincheck parent became the first Japanese crypto exchange operator to list on Nasdaq

The Dutch parent company of Japan's leading crypto exchange operator announced its long-awaited public debut on the Nasdaq Global Market on Tuesday, joining Coinbase as only the second of its kind in more than three years.

Amsterdam-headquartered Coincheck Group has completed a $1.3 billion special-purchase merger with ThunderBridge Capital, a year after it was originally scheduled to close.

Coincheck is set to become the first Japanese exchange to secure a US trading venue listing. The parent company did not immediately respond DecryptAsk for feedback, specifically how this transition will affect the layout.

Coincheck Group is the second regulated crypto exchange operator to go public since Coinbase's April 2021 debut on Nasdaq.

According to the company's draft Google translation press releaseThe shares will begin trading under the ticker CNCK on Wednesday morning when US markets open ET.

“This will allow us to have a more open dialogue with global investors through the US stock market,” Coincheck Group CFO Keigo Takegahara said in a statement. .

The public listing changes the corporate structure of one of Japan's first crypto businesses. Still, Coincheck's journey to public listing could be easy.

In the year Founded in 2012, Coincheck Inc. It entered the crypto business in 2014 and gained popularity for its user-friendly interface targeting young traders.

In the year Following a security crisis in 2018, Japanese online brokerage Monex Group acquired the ¥3.6 billion ($33.6 million) exchange by beefing up security ahead of a January 2019 regulatory filing.

A number of major financial institutions are facilitating the merger, with Galaxy Digital, Barclays Capital and Cantor Fitzgerald & Co advising Thunder Bridge. At the same time, Monex engaged JP Morgan Securities as the sole financial advisor.

Coincheck dominates Japan's retail crypto market, marking its five-year streak as the country's most downloaded crypto trading app from 2019 to 2023, according to AppWeek data. mentioned in the group.

Edited by Sebastian Sinclair.