The Crypto Market in Japan is Evolving: Coincheck Ventures into Nasdaq
Get ready, crypto enthusiast! Coincheck, a major player in the Japanese crypto market, is making moves to list on the Nasdaq stock market. This development, which is the result of a merger with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), is a significant milestone for Japan’s crypto industry.
The Road to Nasdaq Listing
Here are some key points to note about Coincheck’s journey towards a Nasdaq listing:
- Coincheck has been a front-runner in app downloads for five consecutive years, with over 1.98 million verified accounts.
- The company’s collaboration with Monex Group has strengthened its financial standing and credibility.
- The merger announcement with Thunder Bridge IV was made in March 2022, with a target completion timeline in the second or third quarter of 2024.
The Nasdaq Application Process
As Coincheck moves closer to its Nasdaq listing, here are the crucial steps in the application process:
- The firm has filed for a Nasdaq listing, which is currently pending review.
- Approval for the listing is contingent on regulatory clearances from the US Securities and Exchange Commission (SEC) and Nasdaq’s agreement.
- Coincheck’s aspiration to become a public holding company is reminiscent of Coinbase’s trajectory in the market.
Keep in mind that the publication of registration documents does not guarantee approval from the Securities and Exchange Commission (SEC) or increase the likelihood of listing, as clarified by Coincheck.
Coincheck’s Position in the Japanese Crypto Market
Here’s why Coincheck stands out in the Japanese crypto landscape:
- According to a report by CoinGecko, Coincheck commands a 27.2% market share in Japan, with a significant spot trading volume of $1.1 billion in May 2023.
- With increasing scrutiny and interest in the crypto sector, Coincheck’s upcoming Nasdaq listing signifies a maturing market ready for deeper integration with traditional financial systems.
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