Progression – Japanese cryptocurrency exchange Coincheck is making progress with its initial public offering (IPO) preparations, despite declining performance during the crypto winter.
Soon US capital for Coincheck
The resources to be conquered are on the other side of the Pacific. According to a filing dated October 28 from Monex Group with the SEC, Coincheck is currently taking steps to preparing to enter the Nasdaqvia a merger with the with the special purpose acquisition company Thunder Bridge Capital Partners IV.
Monex Group is the majority shareholder of the crypto exchange. Coincheck listing on Nasdaq is scheduled for July 2 next year. Through this IPO, the crypto platform wishes to access American capital, which will fuel its growth.
>> Come and take your first steps in the crypto universe on Binance (commercial link) <<
Ups and downs during the crypto winter
Coincheck’s client wallet would consist of 1.75 million verified accountsaccording to financial statements issued by Monex Group for the second quarter of the fiscal year ending March 31, 2023.
Coincheck reportedly maintained its industry-leading position in Japan, continuing to acquire new users during this bear market. Nevertheless, the crypto winter did not spare the company, which suffered losses in terms of trading volumes.
Coincheck’s operating income after deducting financial charges and trading costs, recorded a 50.6% loss during the second quarter of its fiscal year, compared to the previous three months.
This rate increases to 79,6 % when the figures for the second quarter of the fiscal year are compared with those for the same period last year.
Progress in the IPO despite the bear market
Despite these declining numbers, Coincheck is still walking the talk by completing the steps for its future IPO, after initially announcing the plan in March this year.
At the time, the valuation of the merger was estimated at $1.25 billion. The resulting entity will be called Coincheck Group, NV, and will be listed under the ticker CNCK on Nasdaq.
Coincheck is on the list of crypto exchanges that suffered a “very early” hack in 2018 with losses of over half a billion dollars. At the time, the Japanese authorities had taken restrictive measures, tightening the screw, following this hack. Coincheck has been able to climb the slope over the years, and could therefore soon land on the Nasdaq next year.
The time for mainstream finance interest in Bitcoin has come. And you, what are you doing to prepare for the future? Start getting acquainted with this exciting world, and don’t wait any longer for yourself create an account on Binancethe reference Bitcoin and crypto exchange (commercial link).
