Japanese Crypto Exchange Coincheck Debuts on Nasdaq
Date: 2024-12-13 Author: Henry Casey Categories: BUSINESS
It operates under the management of online broker Monex Group, which oversees its operations and uses the platform to develop its business in the digital asset sector. The head of Monex Group, Oki Matsumoto, emphasized that the listing on Nasdaq was an important milestone in the company's quest to enter the dynamically growing US cryptocurrency market.
According to Matsumoto, the funds raised from the placement of Coincheck shares on Nasdaq will be used to expand its presence in the United States. In particular, the exchange plans to invest in acquiring stakes in US cryptocurrency companies, which will strengthen its position in the global competitive environment.
Coincheck's debut on Nasdaq was made possible by a merger with the SPAC company Thunder Bridge Capital Partners IV. The deal valued at $1.3 billion, allowing Coincheck to bypass the standard IPO procedure and directly enter the stock market through the mechanism of special investment companies. Coincheck shares are traded on the exchange under the ticker CNCK, making it the second cryptocurrency exchange after the American Coinbase, presented on Nasdaq.
In addition, this move highlights the growing interest of traditional financial institutions in cryptocurrencies. Nasdaq recently filed an application with the US Securities and Exchange Commission (SEC) to launch options trading on the Nasdaq Bitcoin index. This initiative is aimed at developing the infrastructure for working with digital assets and opening up new opportunities for institutional investors.
Thus, the listing of Coincheck and Nasdaq's efforts to integrate cryptocurrency instruments into the stock market indicate that digital assets continue to gain recognition in the traditional financial system.
