‘Ikuzo! Coincheck will make an appearance on the Nasdaq. '
Coincheck Inc, a Japanese crypto exchange platform, is set to go public in the U.S. market after it merged with blank check firm, Thunder Bridge Capital Partners IV Inc in a $ 1.24 billion deal.
According to sources, the deal will bring in revenue of $ 237 million to the company’s merger through cash held in a special purpose acquisition company (SPAC) trust, in the absence of redemption.
Tokyo, Japan-based Coincheck has operated the market for the purchase and sale of cryptocurrencies and other asset exchange platforms such as non-fungible tokens (NFT).
The company statement informed that Coincheck has 1.5 million users so far.
For the record, Coincheck was once embroiled in the issue of digital currency robbery of $ 530 million in 2018, further prompting tighter regulatory oversight and called for improvements to the crypto exchange risk management infrastructure.
A year later it had raised about $ 34 million from Japanese online broker Monex Group Inc, which it used to launch an initial public offering (IPO).
As a result, Monex will acquire pro-forma status of 82% of the company’s merger, excluding warrants and earnings.
In addition, according to the agreed agreement, all existing Coincheck investors are eligible to receive up to 50 million shares based on future share price performance.
The merger will see the company's name changed to Coincheck Group NV and set to be listed on the Nasdaq by the middle of this year.
