Japanese Crypto Exchange Coincheck Eyes U.S. Listing Via $1.25 Billion SPAC Deal

Japanese Crypto Exchange Coincheck Eyes U.S. Listing Via $1.25 Billion SPAC Deal

Founded in 2012, Coincheck markets itself as one of Japan's largest multi-cryptocurrency ... [+] marketplaces and digital asset exchange. Coincheck, a Tokyo-based cryptocurrency exchange, announced on Tuesday it had agreed to go public in the U. S. by merging with special purpose acquisition company Thunder Bridge Capital Partners in a deal valued at about $1. 25 billion. Coincheck, a subsidiary of Japanese online brokerage firm Monex Group, is expected to list on the Nasdaq Global Select Market when the transaction is closed in the second half of 2022, according to a statement. The combined entity will receive $237 million in cash held in Thunder Bridge Capital Partners' trust, assuming there are no shareholder redemptions and before expenses. The transaction will allow Coincheck to expand its business in Japan and overseas, the crypto marketplace said. The business combination will also allow the firm to increase product offerings and continue its investments in security and infrastructure. Founded in 2012, Coincheck markets itself as one of Japan's largest multi-cryptocurrency marketplaces and digital asset exchange. The company said it serves about 1. 5 million verified customers, which accounts for 28% of Japan's 5. 5 million cryptocurrency owners. The exchange handled about $100 million worth